Cybrid raises US$10 million to scale stablecoin payment infrastructure

Cybrid Technology Inc. (“Cybrid”), a Toronto-based fintech startup, has secured a US$10-million Series A funding round to help financial institutions and companies integrate its stablecoin payment infrastructure. BDC Capital’s Growth Venture Fund led the all-equity round, which closed six weeks ago. The all-Canadian investment also included Golden Ventures, Luge Capital and Panache Ventures.

The company was founded in 2021 and is led by CEO Avinash Chidambaram and CTO Brent Carrara. This duo previously founded the startup Ario together, which was acquired by fintech company Driven (previously known as Thinking Capital). In addition, Chidambaram previously worked at Nortel and led product and platform development at Interac.

Global cross-border payments reached US$1 quadrillion in 2024, yet there is no universal platform that connects the various local payment systems used in different countries. Instead, money moves slowly and costly over decades-old rails and through closed systems that are disconnected. Cybrid aims to address these issues by offering a unified platform that allows enterprises, banks and cross-border payment providers to connect traditional fiat systems with modern stablecoin networks.

Stablecoins are a type of cryptocurrency designed to maintain stable value by being pegged to fiat commodities, financial instruments or currencies, such as the United States dollar. The use of stablecoin infrastructure is expanding rapidly. In fact, according to Andreessen Horowitz’s State of Crypto 2025 report, stablecoins “processed $46 trillion in total transaction volume over the past year, a 106% increase from the previous year.” Similarly, Cybrid has expanded at an exponential rate, as Chidambaram claimed that the company’s growth has quintupled over the past year.

Alongside the rapid increase in the use of stablecoin infrastructure and the race among Canadian tech companies to bring a Canadian dollar-backed stablecoin to market, there have been calls for Canada to develop a regulatory framework for the payment method. In the United States, the GENIUS Act establishes a federal framework to regulate the use of stablecoin, and will likely serve as a model for Canadian regulation.

Cybrid currently employs 25 people and plans to expand its operations with this new funding as the use of stablecoin infrastructure continues to grow.