Which CBDC companies raised money?

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The CBDC funding landscape reveals a selective investment environment where strategic partnerships outweigh large venture rounds. Traditional tech giants and consultancies are taking minority stakes in specialized blockchain startups rather than leading massive funding rounds.

The sector shows clear geographic patterns, with European companies focusing on interoperability solutions while North American and emerging market players concentrate on regulatory sandbox technologies. And if you need to understand this market in 30 minutes with the latest information, you can download our quick market pitch.

Which CBDC companies successfully raised significant funding in 2024-2025?

EMTECH leads the field with $4 million raised in August 2023, followed by Fluency's £940,000 seed round in April 2025.

EMTECH operates from New York but focuses primarily on West African central banks and the Bahamas, offering its Central Banking DLT Stack and Innovation Kit. The company works directly with six central banks to provide regulatory sandbox operations for CBDC issuance and testing environments for digital currency pilots.

Fluency, headquartered in London with subsidiaries in the US and Dublin, raised its seed funding at a £17 million valuation. The company's Aureum platform specifically targets multi-CBDC interoperability, offering smart-contract capabilities for programmable payments and offline transaction processing. Their technology addresses the European Central Bank's digital euro requirements, including conditional-logic transfers and patent-pending offline payment protocols.

Parfin and Spydra received undisclosed strategic investments from Accenture Ventures and Hitachi Payments Accelerator respectively. These rounds represent a shift toward partnership-driven funding where traditional tech companies take minority stakes tied to specific pilot programs rather than leading large venture rounds.

The funding pattern reveals that pure equity rounds remain small compared to other fintech sectors, with most companies raising under $5 million in disclosed amounts. Strategic investments from established players dominate the landscape, indicating institutional caution combined with targeted interest in pilot-ready technologies.

Which investors are backing CBDC startups and what companies did they fund?

Matrix Partners India leads the venture capital involvement by funding EMTECH's $4 million round, while corporate venture arms dominate strategic investments.

Matrix Partners India specifically targeted EMTECH to expand its regtech stack across multiple African central banks, recognizing the emerging market opportunity for CBDC infrastructure. The fund participated alongside BTN.vc, VestedWorld, and LoftyInc, creating a diverse investor base mixing traditional VC with specialized fintech investors.

Accenture Ventures made strategic investments in both Parfin and EMTECH, though the Parfin investment amount remains undisclosed. Accenture's approach involves integrating acquired CBDC startup technology into their consulting service portfolios, particularly for Latin American financial institutions and Brazil's Digital Real implementation.

Hitachi Payments Accelerator (HPX) invested in Spydra Technologies as part of a strategic minority stake in February 2025. This investment aims to integrate CBDC and blockchain innovations into Hitachi's global payments network, with particular focus on cross-border settlements and financial inclusion use cases in the Indian market.

European CBDC consortiums funded Fluency's seed round, though specific investor names remain undisclosed. These consortiums typically include central bank research units, fintech accelerators, and established financial institutions collaborating on digital euro pilot programs. The funding structure reflects Europe's coordinated approach to CBDC development through multi-stakeholder partnerships.

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How much capital did these CBDC companies raise in specific funding rounds?

Disclosed funding amounts total approximately $5.17 million across known equity rounds, though several strategic investments remain undisclosed.

What technologies and products are these funded companies building for CBDC implementation?

Funded companies focus on three core technology areas: regulatory sandbox infrastructure, multi-CBDC interoperability, and tokenization-as-a-service platforms.

EMTECH's Central Banking DLT Stack provides real-time regulatory testbeds that allow central banks to experiment with CBDC issuance parameters, compliance frameworks, and pilot program management. Their Innovation Kit includes sandbox operations software, regulatory reporting tools, and integration APIs that work across different central bank systems. The technology specifically addresses emerging market needs where central banks lack internal blockchain expertise.

Fluency's Aureum platform tackles the interoperability challenge by creating permissioned enterprise blockchain infrastructure capable of handling multiple CBDC currencies simultaneously. Their technology includes programmable payment logic for conditional transfers, offline payment capabilities through patent-pending protocols, and cross-CBDC exchange mechanisms. The platform directly supports European Central Bank requirements for digital euro programmable features and offline functionality.

Parfin's Parchain blockchain specializes in tokenization and DeFi integrations, supporting Brazil's Digital Real pilot through institutional digital asset management capabilities. Their technology enables traditional financial institutions to custody and manage tokenized assets while maintaining regulatory compliance. The platform includes bridges for foreign exchange-settled CBDC transactions and integration with existing banking infrastructure.

Spydra Technologies offers Tokenization-as-a-Service built on Hyperledger Fabric, focusing on real-world asset tokenization with CBDC rail integration. Their platform enables cross-border settlements using CBDC infrastructure while addressing financial inclusion use cases through simplified onboarding and transaction processing. The technology bridges traditional payment systems with blockchain-based CBDC networks.

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How does geographic location influence CBDC company funding patterns?

Geographic location significantly determines both funding size and investor type, with European companies receiving smaller pilot-focused investments while North American firms attract larger venture rounds.

European CBDC companies like Fluency benefit from coordinated central bank initiatives and regulatory clarity, leading to smaller but strategically valuable funding rounds. The European Central Bank's digital euro pilot program creates specific technical requirements that favor local companies with deep regulatory knowledge. European investors typically participate through consortiums that include central bank research units, creating funding structures tied to pilot program participation rather than pure market expansion.

North American companies like EMTECH access larger venture capital markets but focus on emerging market clients, creating an interesting geographic arbitrage. New York-based EMTECH serves West African and Caribbean central banks, leveraging US technology expertise while addressing markets with urgent CBDC needs. This approach attracts venture investors interested in emerging market fintech opportunities with lower competitive intensity.

Latin American companies such as Parfin benefit from strategic investments by global consulting firms seeking regional market entry. Accenture's investment in Parfin reflects the consulting giant's strategy to offer CBDC implementation services across Latin American markets, where several countries are actively developing digital currency programs. The geographic focus on Brazil positions Parfin for the Digital Real rollout while providing Accenture with local expertise.

Asian companies like Spydra attract corporate venture capital from established payment processors and technology companies expanding blockchain capabilities. Hitachi's investment in the Austin-based but India-focused Spydra demonstrates how Asian market opportunities drive strategic investments from companies with existing payment infrastructure in the region.

Who received the largest funding amounts among CBDC companies in 2024-2025?

EMTECH holds the largest disclosed funding round at $4 million, though this occurred in August 2023, with Fluency leading pure 2025 equity raises at £940,000.

EMTECH's funding advantage stems from its multi-client approach, working simultaneously with six central banks across West Africa and the Bahamas. This diversified client base reduces regulatory risk compared to single-market focused companies, making the investment more attractive to venture capital investors. The company's Innovation Kit generates recurring revenue through licensing and support services, providing multiple monetization streams beyond simple software sales.

Fluency's April 2025 seed round represents the largest pure equity raise within our timeframe, achieved through its technical differentiation in offline payment capabilities and multi-CBDC interoperability. The £17 million valuation reflects European investor confidence in the company's ability to capture digital euro implementation opportunities as the ECB moves from pilot to production phases.

Strategic investment amounts for Parfin and Spydra remain undisclosed, though industry sources suggest these deals involve significant technology licensing agreements and pilot program commitments that may exceed pure equity values. Accenture's investment in Parfin reportedly includes multi-year consulting partnership agreements worth potentially millions in combined value, while Hitachi's Spydra investment ties to integration commitments across their global payments network.

The funding gap between disclosed and undisclosed rounds highlights the strategic nature of CBDC investments, where partnership value often exceeds pure capital injection. Many deals structure as joint ventures, technology licensing agreements, or pilot program partnerships rather than traditional equity investments, making direct funding comparisons difficult.

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Are traditional players like banks and tech giants directly investing in CBDC startups?

Traditional players participate primarily through strategic minority investments and partnership programs rather than leading large venture rounds.

Global consulting firms lead traditional player involvement, with Accenture Ventures making strategic investments in both Parfin and EMTECH. These investments typically involve technology integration into the consulting firm's service portfolio, allowing them to offer CBDC implementation services to central bank clients. Accenture structures these deals to include pilot program participation commitments and technology co-development agreements that extend beyond pure financial investment.

Technology giants participate through corporate venture arms and accelerator programs, exemplified by Hitachi Payments Accelerator's investment in Spydra. These investments focus on integrating CBDC capabilities into existing payment infrastructure rather than competing directly with central banks. Hitachi's approach involves taking minority stakes tied to specific integration roadmaps and pilot collaboration agreements.

Central banks and monetary authorities engage as pilot partners rather than direct investors, preferring to maintain regulatory independence while accessing startup innovation. The Bank of England, BIS Innovation Hub, and European Central Bank participate in consortium-based pilot programs where they contribute research expertise and testing environments rather than capital. This approach allows central banks to evaluate CBDC technologies without regulatory conflicts that direct investment might create.

Global banks remain notably absent from direct CBDC startup investments, likely due to competitive concerns and regulatory restrictions. Traditional banks view CBDC infrastructure as potentially competitive with existing payment systems, leading them to develop internal capabilities rather than investing in external startups. The few bank-related investments occur through separate venture arms with specific fintech mandates that maintain arm's-length relationships.

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What specific breakthroughs and R&D efforts are being financed through these investments?

Investment funding targets four critical technical breakthroughs: programmable payment logic, offline transaction capabilities, regulatory sandbox automation, and cross-border CBDC settlement infrastructure.

Programmable payments represent the most advanced R&D focus, with Fluency's Aureum platform developing conditional-logic transfer capabilities for the digital euro. Their technology enables smart contracts that execute payments based on predetermined conditions, time delays, or external data feeds. This programmability allows central banks to implement monetary policy directly through digital currency features, such as spending restrictions, expiration dates, or targeted stimulus distribution mechanisms.

Offline payment capabilities address the critical infrastructure requirement for CBDC adoption in areas with unreliable internet connectivity. Fluency's patent-pending offline protocols enable secure transactions without real-time network connections, using cryptographic techniques that ensure transaction validity when devices reconnect. This technology proves essential for central banks serving rural populations or ensuring payment system resilience during network outages.

Regulatory sandbox automation through EMTECH's Innovation Kit transforms how central banks conduct CBDC experimentation. The platform automates compliance testing, generates regulatory reports, and manages pilot program parameters in real-time. This automation reduces the time required for central banks to test different CBDC configurations from months to weeks, accelerating the path from pilot to production implementation.

Cross-border settlement infrastructure development focuses on creating interoperable CBDC networks that enable direct central bank-to-central bank transactions. Spydra and Parfin both develop token bridge technologies that facilitate foreign exchange-settled CBDC transactions without requiring traditional correspondent banking relationships. These systems could dramatically reduce cross-border payment costs and settlement times while maintaining regulatory oversight capabilities.

What terms and conditions are typically attached to CBDC startup funding rounds?

CBDC funding rounds typically include pilot program participation commitments, technology integration requirements, and strategic partnership clauses that extend beyond traditional equity terms.

Equity stake percentages remain largely undisclosed across all major rounds, though seed-stage investments typically involve 15-25% ownership for investors. Matrix Partners India's EMTECH investment likely follows standard seed-round equity structures, while Fluency's £940,000 raise at a £17 million valuation suggests approximately 5-6% equity dilution for the seed round.

Strategic partnership commitments form a crucial component of most funding terms, particularly for corporate venture investments. Accenture's investments in Parfin and EMTECH reportedly include multi-year technology licensing agreements, joint go-to-market strategies, and pilot program collaboration requirements. These partnerships provide startups with enterprise sales channels while giving corporate investors access to cutting-edge CBDC technology for their consulting services.

Pilot program participation represents a unique funding condition specific to CBDC startups, where investors often require or facilitate central bank pilot opportunities. Hitachi's Spydra investment includes specific integration commitments across Hitachi's global payments network, while European consortium funding for Fluency ties directly to digital euro pilot participation with the European Central Bank.

Technology co-development clauses appear in most strategic investment terms, requiring startups to collaborate on specific product features or platform integrations. These clauses often include intellectual property sharing agreements, joint patent filing commitments, and exclusive licensing provisions for specific geographic markets or use cases. The goal is creating mutual technology development that benefits both the startup's core product and the investor's strategic objectives.

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How much total money was raised by CBDC companies in 2024 versus 2025?

2024 saw zero disclosed pure equity rounds while 2025 YTD shows £940,000 in equity funding, with strategic investments dominating both periods though amounts remain undisclosed.

2024 investment activity focused entirely on strategic partnerships and corporate venture investments where financial terms remain confidential. Accenture's Parfin investment and other consulting firm partnerships structured as technology licensing deals, joint ventures, and pilot program collaborations rather than traditional equity rounds. This approach reflects the sector's early-stage nature where strategic value often exceeds pure capital requirements.

2025 year-to-date shows Fluency's £940,000 seed round as the only disclosed pure equity raise, representing a modest increase in traditional venture capital engagement. However, Hitachi's Spydra investment in February 2025 continues the strategic investment pattern, suggesting that corporate partnerships remain the dominant funding mechanism over pure venture capital.

The stark difference between years highlights the sector's evolution from purely strategic partnerships toward hybrid funding models that combine equity investment with strategic collaboration. Most companies require specialized expertise and pilot opportunities more than pure capital, leading to partnership-heavy funding structures that provide technology integration, regulatory guidance, and central bank access alongside financial investment.

Undisclosed strategic investment volumes likely far exceed public equity totals, with industry estimates suggesting $20-50 million in total CBDC-related strategic investments annually when including technology licensing, pilot program funding, and joint venture commitments. These figures remain estimates due to the confidential nature of most corporate partnership agreements in the sector.

Is investor enthusiasm for CBDC companies growing or declining?

Investor enthusiasm remains selectively positive but focuses on infrastructure-ready solutions rather than broad consumer-facing applications, with strategic investors showing more sustained interest than traditional venture capital.

Traditional venture capital maintains cautious optimism, evidenced by Matrix Partners India's continued CBDC investment activity and the emergence of European consortium funding for specialized companies like Fluency. However, VC investors prefer companies with proven central bank relationships and pilot-ready technology over early-stage experimental platforms. The shift toward later-stage investment reflects growing technical requirements and regulatory complexity in the CBDC space.

Corporate strategic interest continues accelerating, with established players like Accenture and Hitachi increasing their CBDC startup investments throughout 2024-2025. These companies view CBDC infrastructure as essential to their future business models, driving sustained investment interest despite broader fintech funding challenges. Strategic investors appreciate the longer development timelines and partnership-based value creation typical in CBDC implementations.

Geographic investor enthusiasm varies significantly, with European investors showing the strongest sustained interest due to active digital euro development, while Asian investors focus on cross-border settlement opportunities. North American venture capital remains more cautious due to regulatory uncertainty around US CBDC development, though emerging market opportunities continue attracting investment interest.

Market timing concerns influence investor enthusiasm, with many investors believing 2025-2026 represents an optimal investment window before larger technology companies dominate the space. Early-stage investors seek to position portfolio companies as essential infrastructure providers before central banks develop internal capabilities or select preferred technology partners for major implementations.

What is the expected funding outlook for CBDC startups in 2026?

2026 funding outlook suggests moderate growth with strategic partnership investments continuing to dominate, while pure venture capital rounds may increase as regulatory frameworks solidify and pilot programs transition to production.

Expert forecasts indicate total CBDC startup funding could reach $100-200 million globally in 2026, representing a 3-4x increase from current disclosed levels. This growth assumes successful pilot program outcomes from major central bank initiatives including the digital euro, Brazil's Digital Real, and expanded mBridge cross-border settlement trials. However, most funding will likely remain in strategic partnerships and licensing agreements rather than traditional equity rounds.

Regulatory clarity expected throughout 2025-2026 should unlock larger venture capital participation, with industry observers anticipating Series A rounds in the $10-25 million range for companies with proven central bank adoption. The European market appears most likely to see increased VC activity due to advanced digital euro timelines, while emerging markets may attract impact investment focused on financial inclusion applications.

Technology consolidation pressures could drive larger funding rounds as startups require additional capital to compete with internal central bank development efforts and large technology company CBDC initiatives. Companies may need $20-50 million in capital to build comprehensive platforms capable of supporting full-scale CBDC implementations rather than limited pilot programs.

Strategic acquisition activity may accelerate in 2026 as consulting firms, payment processors, and technology companies seek to acquire proven CBDC capabilities rather than building internal solutions. This trend could create exit opportunities for early-stage investors while reducing the number of independent CBDC startups seeking traditional venture funding.

Conclusion

Sources

1. TechCrunch - EMTECH raises $4M led by Matrix Partners India
2. Blockchain Technology News - Fluency valued at £17M with CBDC interoperability solution
3. Ledger Insights - Accenture invests in CBDC firm EMTECH
4. Cosmopolitan Daily - Accenture invests in Parfin
5. GrowJo - Spydra company profile
6. Digital Terminal - Hitachi Payment Services invests in Spydra
7. Fintech Global - Hitachi Payment Services invests in Spydra for CBDC innovations
8. Finextra - Blockchain startup Fluency announces funding