# Episode #188: Inside Trace Finance's $32M Series A Raise

Page: https://stenobird.com/podcast/brazil-crypto-report-5342676/episode-188-inside-trace-finance-s-32m-series-a-raise
Text version: https://stenobird.com/podcast/brazil-crypto-report-5342676/episode-188-inside-trace-finance-s-32m-series-a-raise.md
Podcast: [Brazil Crypto Report](https://stenobird.com/podcast/brazil-crypto-report-5342676)
Published: 2026-07-13T00:12:34+00:00
Episode link: https://bitsborders.substack.com/p/episode-188-inside-trace-finances
Audio file: https://api.substack.com/feed/podcast/206735576/635155449b7aa23d114e360e607abd82.mp3
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JSON: https://stenobird.com/v1/public/podcasts/brazil-crypto-report-5342676/episodes/episode-188-inside-trace-finance-s-32m-series-a-raise
Duration seconds: 1822

## Resource

Hey everyone, Bernardo Brites and Rafael Luz are co-founders of Trace Finance, a Brazilian cross-border payments infrastructure company. I caught up with them at Bitso Business’ Stablecoin Conference in Mexico City last month to discuss the company’s $32 million Series A and the launch of a BRL-backed stablecoin. Trace Finance has been building stablecoin rails for Brazil since 2019, long before the current wave of cross-border payment startups. The timing of their raise reflects growing investor conviction in the Latam corridor and a regulatory environment that is pushing serious volume toward licensed, bank-backed operators. 🙌 You can listen to Bits and Borders on your favorite podcast platform YouTube | Spotify | Apple Podcasts 🔥 Join our English language Telegram group to continue the conversation Bits & Borders is Presented by Sumsub Sumsub recently released its fourth annual State of the Crypto Industry report. The new research reveals how digital asset companies are balancing fraud prevention, regulatory pressure, and user experience as they scale in 2026. This report draws on Sumsub’s internal data from 2024–2025 and insights from 300 crypto companies surveyed outside Sumsub’s customer base. Some of the key global highlights include: * Crypto firms are moving away from ‘growth at all costs’, with 74% now prioritizing verification accuracy over user onboarding speed (39%). * Despite fraud rates remaining flat at 2.2% from 2024 to 2025, crypto firms operate in a structurally riskier environment where targeted, automated and AI-driven attacks are the new normal. * Over half (55%) of surveyed companies confirmed they experienced fraud at least once in 2025 , with 15% unsure if it happened or not–emphasizing the lag between detection capabilities and growing fraud s…

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## Transcript

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