A business in Bogotá needs to pay a supplier in Mexico City. The traditional path involves correspondent banks, multi-day settlement, and fees that can erase a slim margin. Efy Finance, a Panama-based startup, says it can settle that transaction in hours, for less, using dollar-backed stablecoins as the bridge. It just secured $5 million from the company that mints the most widely used one.
Founded in 2019, Efy has quietly built a financial infrastructure layer targeting Latin American businesses. The company provides multi-currency accounts, cross-border payment rails, and digital asset custody through a unified API [TechNode Global, Nov 2026]. Its reported wedge is not a consumer crypto app, but a B2B settlement utility that connects local bank rails and fiat currencies with global dollar liquidity [PERPLEXITY SONAR PRO BRIEF].
The Tether-backed wedge
Efy's product stack is a hybrid of traditional and crypto-native finance. It offers business accounts that support SWIFT, ACH, and Fedwire for collection and payment, alongside on-chain custody for assets like USDT, Bitcoin, and Ethereum [PERPLEXITY SONAR PRO BRIEF]. The company issues physical and virtual Visa cards and provides over-the-counter (OTC) services for local-fiat settlement.
The core bet is that for Latin American companies engaged in import/export or managing regional teams, moving money across borders via stablecoins is faster and cheaper than legacy banking networks. Efy acts as the regulated intermediary, handling the on/off-ramps and compliance. "The apparent wedge is cross-border treasury and settlement for Latin American businesses and institutions," notes one analysis, connecting local currencies with dollar-backed stablecoins [PERPLEXITY SONAR PRO BRIEF].
Traction in a fragmented market
The company reports significant, though sometimes conflicting, volume metrics. Efy claims 25,000 active accounts across individuals and businesses and says its network volume reached $989 million [EFY FINANCE]. A separate report states the company has processed more than $2.5 billion in cumulative transaction volume, with $1.1 billion of that in 2025 alone [TechNode Global, Nov 2026] [efyfinance.com]. It says it serves over 1,000 companies and operates in 19 countries, supporting more than 12 currencies [efyfinance.com].
The leadership team, led by co-founders CEO Andrés Tobón and COO Alejandra Gaviria, blends financial and operational experience. Tobón's background includes a role as general manager at Coresoft Company and a position as a district councilman in Medellín [PERPLEXITY SONAR PRO BRIEF] [andrestobon.co]. The company has built out a full C-suite, including a CFO, CTO, and heads of legal, growth, and sales [EFY FINANCE].
| Metric | Value |
|---|---|
| 2025 Transaction Volume | 1.1 B USD |
| Cumulative Volume (Reported) | 2.5 B USD |
| Active Accounts (Reported) | 25 K |
| Countries of Operation | 19 countries |
The infrastructure puzzle
Efy's model hinges on executing a complex operational and regulatory puzzle across multiple jurisdictions. The company says it operates through regulated entities and banking partners, but does not name them publicly. Success requires deep integration with local banking systems in each of its 19 markets, a non-trivial compliance burden, and maintaining liquidity for smooth on/off-ramps.
The competitive landscape is also opaque. While no direct competitors are named in available sources, the space for cross-border B2B payments in LatAm is crowded. It includes global giants like Wise, local neobanks, and a growing number of blockchain-native ventures. Efy's differentiation rests on its hybrid approach and its early focus on corporate treasury workflows rather than retail remittances.
Key execution risks for the next phase include:
- Regulatory arbitrage. Operating in 19 countries means navigating 19 different financial regulatory regimes. A shift in one key market could impact the core value proposition.
- Liquidity management. Facilitating rapid settlement requires significant capital efficiency. Scaling volume without friction will test its treasury operations.
- Partner dependence. The unnamed banking partners are critical links to local fiat systems. The stability and terms of those relationships are a hidden variable.
Funding the next leg
The recent $5 million seed round, led by Tether and joined by Astor Management AG and angel investors, provides capital for the next expansion phase [TechNode Global, Nov 2026]. Orbit Ventures was an earlier pre-seed investor. The Tether lead is strategic, directly aligning Efy with the largest source of dollar-pegged stablecoin liquidity.
The capital is earmarked for expanding its Latin American payments network, though specific geographic targets are not detailed. The funding also validates the thesis that stablecoin infrastructure can serve as a pragmatic settlement layer for real-world business commerce, not just speculative crypto trading.
For a company reporting billions in volume, a $5 million seed round is a relatively modest raise. It suggests a capital-efficient model or a stepping stone to a larger round. The question for observers is whether Efy can convert its early traction with thousands of accounts into a defensible, profitable infrastructure business before larger, better-funded players decide the LatAm cross-border corridor is worth a major offensive. The check from Tether is a powerful endorsement, but the real test is in the settlement times and fee schedules of its next thousand customers.
Sources
- [TechNode Global, Nov 2026] Panama-based Efy Finance raises $5M seed round led by Tether to expand Latin American payments | https://technode.global/2026/11/05/panama-based-efy-finance-raises-5m-seed-round-led-by-tether-to-expand-latin-american-payments/
- [PERPLEXITY SONAR PRO BRIEF] Efy Finance company and product overview
- [EFY FINANCE] Company metrics and team information
- [efyfinance.com, retrieved 2026] Pagos internacionales y cuentas multimoneda | efy Finance
- [andrestobon.co, retrieved 2026] Andrés Tobón profile
- [Crunchbase] EFY Finance - Crunchbase Company Profile & Funding