Noah raises $38M seed to move cross-border payments onto stablecoins

Noah, the London stablecoin payments company built by ex-Visa and Adyen operators, has closed its seed round at $38M from Endeit Capital, FJ Labs, LocalGlobe and Felix Capital to move enterprise cross-border payments onto stablecoin rails.

London fintech tends to announce its rounds loudly. Noah did the opposite: a seed closed at $38M, announced on 7 October 2026, with no lead investor named and no valuation attached – and the numbers underneath are the loudest part. Below, I lay out the round, the operators behind it, and what this way of raising says about where European payments is heading.

A seed that closed at $38M, in two pulls

The round reached $38M after an additional $16M came in from existing and new investors (company announcement, 7 October 2026). Endeit Capital, FJ Labs, LocalGlobe and Felix Capital all participated alongside a group of unnamed angels; the company designated no single lead. Amsterdam-based Endeit Capital is the new institutional name on the list.

The first $22M of the round was announced in June 2025, from LocalGlobe, Felix Capital and FJ Labs, with angels including Palantir co-founder Joe Lonsdale, Unity founder David Helgason and former Adyen CTO Alexander Matthey. The fresh capital goes, in the company’s words, to expanding its regulatory footprint, recruiting engineering and compliance specialists, deepening connections to local payment rails in its highest-volume markets, and opening a New York office for US expansion.

“Noah is building the infrastructure that will make one-click international transactions possible everywhere,” said co-founder and CEO Shah Ramezani in the announcement, comparing the ambition to what neobanks did to domestic banking.

Adyen alumni on stablecoin rails

Noah connects stablecoin settlement with local payment rails through a single API, so a business can move money across borders without touching correspondent banking. Funds convert between fiat and stablecoins in real time, and the company says it is live in more than 150 markets with over 60 currencies supported (company announcement, Oct 2026).

The founding team is a large part of what the four funds are underwriting. CEO Shah Ramezani and president Thijn Lamers built the company with former Visa and Adyen executives; Lamers watched Adyen’s global build-out from the inside, and Adyen remains the yardstick every European payments company measures itself against.

The traction figures are the company’s own, but they are specific: revenue up 538% so far in 2026 versus the same period of 2025, 31% monthly recurring growth, and more than 150 new customers signed this year across remittances, fintech, marketplaces and payroll (company figures, Oct 2026).

A $9.19bn market compounding at 23.4%

The good news is that the segment Noah sells into finally has credible numbers. The Business Research Company sizes the stablecoin infrastructure and cross-border payment platform market at $9.19bn in 2026, heading for $21.32bn by 2030 – a 23.4% CAGR (report published September 2026). For a seed-stage company, a market doubling roughly every three and a half years means the race is for regulatory coverage and rail connections, not yet for market share.

The amount also fits a pattern we keep logging in our fundraising data: European money-movement infrastructure is raising at sizes that used to be growth-stage. Paris-based Spiko raised a $90M Series B led by NEA for tokenised cash funds last week, and Stockholm’s Trustly took $40M from Nordic Capital in the same stretch. A $38M seed sits oddly – and deliberately – in that cohort.

What a no-lead London round signals

So why does a round this size close without a lead? Usually because the investors already inside wanted more, and the company could set the terms. That is what 538% growth does to a cap table. We are watching stablecoin plumbing migrate out of the crypto corner and into enterprise finance departments – and Europe, for once, is not waiting for permission. MiCA has given stablecoin issuers and the companies building on them a rulebook since 2024, while the US only matched that clarity with the GENIUS Act in 2025.

There is a wry footnote: a London company raising European capital to open an office in New York. The fact remains that the US is where the enterprise payment volumes sit, and a European company arriving with MiCA-tested compliance muscle is arriving early, not late. What to watch next: whether Noah’s next announcement is a licence map rather than a round, and which of the four funds steps up to lead when the Series A letter finally gets written.

Europe spent a decade exporting payments talent – Adyen, Checkout.com, Wise – while treating crypto rails as someone else’s business. Noah is a bet that both habits are ending. Watch the rails, not the noise.