Startup Hercle raises $10 million to build out stablecoin-based global money transfers

Core Insights - Hercle aims to enhance global money transfers by utilizing stablecoin technology, making transactions faster and more cost-effective [1][2] - The company has successfully raised $10 million in equity funding and secured a $50 million credit facility for expansion [1][2] Company Overview - Hercle, co-founded by Gabriele Sabbatini, Arturo Schembri, and Marco Levarato, currently employs 30 staff members and generates revenue through service fees [3] - The name "Hercle" is inspired by Hercules, symbolizing the company's commitment to tackling significant challenges in the financial transaction space [2] Business Model - Hercle collaborates with payment service providers (PSPs) to integrate stablecoins into their transaction processes, aiming to facilitate instant and cheaper remittances [4] - The company also focuses on enabling international business payments, such as a Swiss company purchasing cacao from Brazil, by integrating stablecoin technology to streamline cross-border transactions [5] Industry Context - The recent legislative framework established by Congress for stablecoins has created opportunities for companies like Hercle to expand their blockchain services [2] - The growing interest in stablecoin technology reflects a broader trend in the financial industry towards more efficient and cost-effective payment solutions [2]