- Company founded in Chile now registered in Delaware to make capital raising easier.
- Interested in talking with advisors familiar with the environment around the Proof of Talk event in Paris.
Speaking with the outlet MergerMarket, the co-founder and CEO of Notbank by CryptoMarket, Rafael Meruane, discussed his interest in forming joint ventures (strategic alliances) with regulated financial institutions to scale the company’s offering.
The company, founded in Chile, believes such an alliance would allow it to expand into products such as credit, which require licenses that are difficult to obtain independently. By contrast, acquisitions tend to disrupt internal dynamics and long-term execution, Meruane added.
NotBank recently partnered with a regulated bank in Puerto Rico, allowing customers to open US bank accounts natively connected to stablecoins and the company’s network, enabling transfers via SWIFT, ACH and local payment systems such as PIX.
The company has an estimated valuation of between USD 30 million and USD 60 million, the CEO said.
NotBank was created in Chile in 2016 and was later restructured under a Delaware-registered holding company to facilitate investor participation, in the context of a new funding round opened this year.
The company is seeking to raise between USD 3 million and USD 6 million to accelerate its growth, particularly in its B2B business. It has no debt and does not require financing to continue operating.
As part of this process, NotBank is open to working with a financial advisor and is especially interested in contacting one familiar with the ecosystem of the Proof of Talk event, which will take place in Paris in June. In addition, the company will take part as a sponsor and exhibitor at this executive Web3 conference.
Founded as a cryptocurrency exchange, NotBank initially focused on generating liquidity between digital assets and local currencies. This infrastructure later enabled real-time conversion of stablecoins into local currencies seven days a week, bypassing the operating hours and bureaucracy of traditional banking.
The company offers two main layers of services. The first provides access to and conversion between stablecoins and local currencies in markets such as Chile, Argentina, Brazil, Peru and Colombia. The second is crypto-as-a-service, which allows fintechs and digital wallet providers to integrate NotBank’s infrastructure via API under a white-label model.
The platform also supports tokenized real-world assets, including tokenized gold, allowing companies to hold balances in assets designed to hedge against inflation or currency volatility.
NotBank has approximately 700,000 customers and manages around USD 80 million in assets. It currently operates in five countries and plans to expand to at least two more this year.
The company has two shareholders besides Meruane: co-founder Martín Jofré and blockchain software company ConsenSys, which holds a 10% stake. It also has a stock option program for key employees.
