Noah closes its seed at $38m after a $16m extension
Noah closed its seed at $38 million after a $16 million extension, citing 538% year-to-date revenue growth and over 150 new customers the release does not name.
Noah, the London stablecoin payments infrastructure firm, said on October 7, 2026 that a further $16 million has closed its seed round at $38 million. Having tracked the build since the first cheque, the comparison that matters is the mix, not the headline. The extension sits on the $22 million Noah disclosed on June 10, 2025, so the new money finishes a round that was already open. Neither document publishes a valuation.
The two company texts do not tell the same coverage story. Noah's June 2025 blog described an application programming interface (API) and checkout converting fiat and stablecoins across over 50 currencies and 70 countries. The October 7 release says the network is live in more than 150 markets and supports over 60 currencies. Markets jumped. Currencies barely moved. This is a corridor-depth raise, aimed at local rails and a New York office, not a longer list of coins.
What the $16 million is meant to buy
Noah said the capital will widen its regulatory footprint, hire engineering and compliance staff, and deepen links to local payment rails in its highest-volume markets, with a New York office to push into the United States. Tech.eu records a 2020 founding by former Visa and Adyen executives. The June post names Thijn Lamers, co-founder and president, as a former executive vice-president of global sales at Adyen, alongside Adyen, Visa and Onfido experience on the team. Shah Ramezani is co-founder and chief executive.
The October investors are Endeit Capital, FJ Labs, LocalGlobe, Felix Capital and unnamed angels. FJ Labs, LocalGlobe and Felix Capital, plus named angels including Joe Lonsdale and David Helgason, were already on the June cheque. Endeit Capital was not named then. No fund is quoted on the extension.
"Noah is building the infrastructure that will make one-click international transactions possible everywhere, with full compliance at both the origination and destination of funds," said Shah Ramezani, co-founder and chief executive of Noah, in the October 7 release. "Just as neobanks have revolutionised domestic banking, we want to redefine global money transfer markets."
A 538% gain with no base and no logos
The release says year-to-date 2026 revenue is 538% higher than the same period in 2025, with recurring monthly growth of 31%, and that Noah signed over 150 new customers in remittances, fintech, marketplaces and payroll, "including major global platforms and financial institutions". It names none. On an undisclosed base, that percentage can be a franchise or a small book getting less small.
PYMNTS, using the same release, names who is already public: an October 2025 MiniPay payout link, then Cedar Money, Bron and Aurea Hub. Those are wallets and infrastructure, not enterprise logos. Noah sells directly to enterprises and individuals and indirectly through consumer platforms, fintechs, neobanks and workforce platforms. That split is the test of the "over 150" claim.
The release cites no dataset for a sharper point. It puts annualised business-to-business (B2B) stablecoin payments at $226 billion, up 733% year over year, still under 1% of $34.8 trillion in cross-border B2B payments. A 538% jump at Noah can sit inside a category the company itself still treats as a sliver of wholesale flows.
Rivals are buying the last mile
No card network, bank or stablecoin issuer is quoted on the extension. HIFI's $37 million Series A, led by Left Lane Capital and announced on September 24, 2026, is almost the same cheque one stage later, and HIFI said part of the money was for licences so more of the stack would sit outside its sponsor bank. Circle's agreement to buy Tazapay for $400 million is stock for more than 100 payout markets. Noah's June post had already cited alliances with Circle and Paxos. The new release does not say whether that still holds.
Banks are not waiting on a seed-stage API. J.P. Morgan Payments picked Thunes on September 22, 2026 to extend Xpedite Remit across more than 100 corridors, five weeks after Fiserv took the same network: rent the last mile rather than rebuild it. Fin.com's $20 million seed came after seven acquisitions of licensed operators were already closed. Noah, in public, is hiring, widening its licence footprint and opening a room.
What a closed seed has to prove
With the round shut, another quiet top-up is no longer the proof. What would change the reading is a named United States licence on the New York office, and one named enterprise in remittances, marketplaces or payroll. Ashmina Arora, partner at LocalGlobe, said in the June post that Noah was "converging fiat, local payment rails, stablecoins and robust compliance into a single layer." LocalGlobe is back on the cap table and is not quoted again. If that office opens without a named licence, the $38 million will have bought time, because the growth maths cannot be audited from outside.
Reporting by Rick Steves. Filed 8 October 2026, 10:34 GMT.
Senior Reporter, Regulation and Fintech
Rick Steves has seen business and economics through many lenses. He joined the financial services industry in 2009, and has been a financial journalist since 2011.
