AllScale Raises $5 Million for Self-Custody Neobank

AllScale has secured $5 million in seed funding to develop a self-custody neobank focused on stablecoins. The round was led by YZi Labs, with participation from Informed Ventures and Generative Ventures. The platform aims to serve global microbusinesses and freelancers.

The company is building a financial platform for stablecoin payments. It targets small businesses that face issues with traditional payment systems, such as high fees and slow transfers. The solution offers self-custody wallets and tools for invoicing and checkout.

The neobank will initially support the BNB Chain ecosystem, with expansion plans. The funding will accelerate product development and market entry. AllScale sees a significant opportunity in serving unbanked entrepreneurs and cross-border freelancers.

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