Saber Money raises strategic funding from Tether and CMCC Global's Titan Fund to expand stablecoin payments into Asia-Pacific and the Gulf

San Francisco-based Saber Money has raised strategic funding from Tether and Hong Kong-based CMCC Global's Titan Fund. The amount and valuation were not disclosed. Y Combinator and Nexus Ventures are existing backers.

Led by CEO Edul Patel, Saber uses stablecoin settlement to move money for financial institutions, fintechs and businesses across emerging-market corridors. It holds licences, registrations and authorisations in Canada, the EU, India and Australia, and the group also operates Mudrex, one of India's largest crypto exchanges.

Payment volumes have grown more than six times in nine months to billions of dollars across more than 40 countries, and more than 90% of payments clear in under a minute.

The money goes to Asia-Pacific and Gulf expansion, local licences, banking relationships and B2B payment products. Tether CEO Paolo Ardoino said stablecoins are the infrastructure for emerging-market payments.