Cyclops, a Miami-based fintech startup providing stablecoin infrastructure for payments companies, raised $20 million in Series A funding. Nava Ventures led the round with participation from Castle Island Ventures, Coinbase Ventures, Circle, Lasagna Ventures, and Global PayTech Ventures.
Founded by Alex Wilson, Pat Duffy, and David Johnson, Cyclops enables payments companies to onboard with a single partner for stablecoin settlement, payins, payouts, and treasury optimization across global corridors through one API. The company has grown its merchant network to 300,000 and expanded globally.
Cyclops reports volume growth of 350% month over month and has grown its team to 31 employees with plans to double headcount by year-end. The company intends to use the funds to accelerate product development, expand local teams and licensing, and grow its go-to-market organization.
