Noah closes $38M Seed to build multi-currency stablecoin infrastructure for businesses

Noah (London) has closed its $38 million / ~€34 million Seed round, with the final $16M extension tranche announced on 7 October. Endeit Capital led the round, with FJ Labs, LocalGlobe, and Felix Capital participating alongside angels David Helgason (Unity co-founder) and Joe Lonsdale (Palantir co-founder). Founded in 2020 by Shah Ramezani (CEO, ex-Adyen and ex-Visa), Noah builds programmable multi-currency stablecoin infrastructure for fintechs and corporates.

The case for stablecoin rails

The payments infrastructure problem is not new — SWIFT is slow, correspondent banking is expensive, and the reconciliation layers built on top of both are fragile. What changed in 2025 was regulatory: the EU's MiCA (Markets in Crypto-Assets) framework took effect and created a formal licensing path for euro stablecoins issued by regulated entities. That closed the principal objection that institutional buyers had to stablecoin rails: not technical capability, but regulatory certainty.

Noah's product sits at the issuer and settlement layer. Fintechs and corporates connect to the platform to issue EUR, GBP, or USD stablecoins and settle transactions in real time — without building their own custody, compliance, and technical stack. The programmability of blockchain settlement adds functionality that correspondent banking cannot replicate cheaply: conditional payments, atomic multi-leg transactions, and on-chain transparency that replaces reconciliation overhead.

The investor map and what it signals

Endeit Capital, a Dutch-German fund with a track record in European fintech (Mollie, Catawiki), takes the lead. LocalGlobe — which backed Marker earlier in 2026 — takes a different sector bet here, moving from writing software to payments infrastructure. FJ Labs, one of the most active marketplace and fintech investors globally, adds US deal flow credibility. Felix Capital brings consumer-adjacent digital perspective.

"Stablecoin rails are becoming the default plumbing for global payments," said Ramezani. "Noah is building the infrastructure layer for businesses that need programmable, multi-currency settlement."

North America and the regulatory path

The $38M fund three tracks: US market expansion (regulatory licensing under FinCEN and potential state money transmitter licences), headcount in engineering (protocol, compliance infrastructure) and compliance (US regulatory engagement), and product depth on the programmable settlement layer. David Helgason and Joe Lonsdale's angel participation signals access to the US institutional network that cross-border stablecoin infrastructure needs to win enterprise clients — stablecoin payments become more useful the more counterparties use the same rail.

The risk: MiCA creates regulatory clarity in Europe but does not resolve the US picture, where regulatory treatment of stablecoins is under active Congressional and SEC scrutiny. Noah's $38M Seed is large enough to build the technical and compliance infrastructure but would not survive a US regulatory setback without a follow-on round.