Toronto-based payments startup Cybrid has raised a $10-million USD Series A round to bring its stablecoin payment infrastructure to more enterprise clients, including Canada’s financial institutions.

Multiple Canadian tech companies are trying to bring a Canadian dollar-backed stablecoin to market.

BDC Capital’s Growth Venture Fund led the all-equity, all-primary round, which closed six weeks ago. The all-Canadian investment included Toronto’s Golden Ventures, as well as Montréal’s Luge Capital and Panache Ventures, building on its $3.8-million CAD seed round in 2022.

Founded in 2021, Cybrid sells payment infrastructure to allow businesses to integrate and support stablecoin and cross-border transactions. As of this week, it’s a payment service provider registered with the Bank of Canad

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