Tesser Secures Funding to Transform Cross-Border Payment Systems
Tesser Secures Funding to Transform Cross-Border Payment Systems
The platform cuts international payment times from weeks to hours, reducing costs by 95%
NEW YORK — Tesser today announced it has secured seed funding for its stablecoin payments solution in a round led by Castle Island Ventures alongside Strobe Ventures and Anthemis with participation from other strategic investors.
Founded by Geetha Panchapakesan, a payments veteran who spent 18 years at MoneyGram, Visa Direct, and Circle, Tesser addresses a critical gap: licensed financial institutions want to enable stablecoins but lack the technical infrastructure to do so quickly and compliantly.
Importance of the Funding for Financial Institutions
Visa's global payment volume is impressive, reaching 13.2 trillion. Stablecoin payment volume in recent times has surged to 6.4 trillion, significantly impacting traditional banking institutions.
Tesser's innovative payment platform assists financial institutions in dramatically reducing the time it takes for cross-border payments. With a 95% cost reduction compared to industry standards, the platform provides wallet provisioning, treasury management, compliance orchestration, and reconciliation—all while simplifying blockchain complexities.
Enhanced Control for Financial Institutions
According to Panchapakesan, "We're giving institutions the full stack infrastructure to add blockchain as a payment rail, the same way they added mobile payments. We are here to support, not compete with banks or fintechs." This collaboration is poised to reshape how institutions view and utilize blockchain technology.
Upcoming Launch and Features
Tesser's minimum viable product (MVP) is set to launch at a prominent financial technology event. This launch will provide an opportunity for institutions to explore the capabilities of Tesser's offerings firsthand.
The platform is designed with ease of use in mind, allowing integration within a month and providing financial institutions with tools that enhance overall operational efficiency.
A Comprehensive Solution
In addition to being swift and cost-effective, Tesser's platform ensures compliance is maintained throughout transactions. By abstracting complex blockchain elements, the platform allows institutions to focus on managing customer relationships and risks more effectively.
About Tesser
Tesser, founded in 2025 and based in New York, specializes in providing licensed financial institutions with a comprehensive platform that seamlessly connects traditional finance with blockchain-based money movement. This innovative solution aims to set a new standard in the financial technology landscape.
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Frequently Asked Questions
What is Tesser's primary offering?
Tesser provides a stablecoin payments solution aimed at streamlining cross-border transactions for financial institutions.
How does Tesser reduce costs for institutions?
Tesser's platform can cut transaction costs by 95% compared to traditional methods, enhancing profitability for financial service providers.
What are stablecoins?
Stablecoins are a type of cryptocurrency designed to maintain a stable value, often pegged to a reserve asset, making them reliable for payment solutions.
When is Tesser's product launch?
Tesser's MVP is scheduled for launch at Money 2020, a major financial technology conference.
Who founded Tesser?
Geetha Panchapakesan, an experienced payments expert, founded Tesser to bridge gaps in the current financial systems regarding stablecoin utilization.
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