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Invest Independently confirmed4 publishers 2 min read Published

HIFI's $37 million Series A funds dollar settlement for tokenized trades outside bank hours

HIFI raised a $37 million Series A led by Left Lane Capital for rails that settle the dollar side of tokenized trades around the clock. The settlement work is already running on those rails, but HIFI's own volume figures look more like payouts than settlement.

The Investor · Invest desk

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What happened

  • HIFI took part in DTCC's first production trades of tokenized U.S. securities in July, selected alongside BlackRock, Goldman Sachs and Nasdaq.
  • It has also settled a live repo in tokenized U.S. Treasuries on the Canton Network with DRW, Marex and Tradeweb, with both legs settling at the same moment.
  • Sumitomo is rebuilding its cash management and trading operations on HIFI's rails.
  • Since January 2025 HIFI has processed more than $227 million of stablecoin payments across 6 million transactions on Polygon alone.
  • The round closed in stages, with the latest $27.3 million tranche on September 3 and earlier closes supplying the rest.

Why it matters

  • Who has to decide decision Treasury teams facing tokenized counterparties have to choose how to fund trades that can settle while their bank is closed, whether with stablecoin balances or funded virtual accounts.
  • What doesn't add up contradiction AlleyWatch says HIFI handles more than $7 billion a year while Ventureburn says its infrastructure can handle that much, and throughput versus capacity decides whether the fee base exists yet.
  • Who's exposed exposure A company routing its cash leg through HIFI also depends on HIFI's partner banks, because HIFI is a registered money services business that works through existing banks instead of replacing them.

Each of those is either a first or a job in progress. According to AlleyWatch, DTCC's July trades ran on the same rails HIFI sells to payout customers [3], and the company that supplied them is two years old with about 35 staff [15]. Neither publication gave the dollar size of the DTCC trades, a go-live date for Sumitomo, or HIFI's fee rate.

HIFI sells against a timing gap. As AlleyWatch describes it, tokenized securities can move at internet speed while the dollars that pay for them settle on bank schedules that pause at night and on weekends [12]. HIFI's single API spans bank rails, stablecoins and card networks around the clock [2]. Direct stablecoin minting and redemption is on its product list [10], and it is the piece that lets a Saturday trade be paid in something that also moves on Saturday.

The traffic HIFI can count looks like payouts. Its Polygon figures work out to about $38 a transaction [23]. That cumulative total since January 2025 is roughly 3% of the more than $7 billion in annualized volume AlleyWatch reported [5][19].

"HIFI earns fees on the money that moves through its platform," Walsh told AlleyWatch [18]. A settlement book and a payouts book can post the same $7 billion at very different take rates, and each basis point on that total is $700,000 a year [21].

The round pays for both books. The money goes to tokenized capital markets infrastructure and to the stablecoin payments and cards products [7], along with more regulatory licenses and hiring in New York and select international markets [9]. The Visa partnership announced this month aims stablecoin-funded payouts at more than 4 billion cards [8].

I see three ways this goes. Tokenized cash legs grow into most of the volume, and the DTCC seat turns out to be the first entry in a settlement book. HIFI stays a payouts company with a DTCC credential. Or a rival wins the settlement business first. "We have our work cut out for us. This is still early in the first quarter, we have lots of competition out to take our lunch," Walsh said [22].

I'd bet on the rail more than on the vendor. The case for HIFI in particular fails if its next volume disclosure still averages tens of dollars a transaction, or if Sumitomo's rebuild is still described in the present tense when HIFI prices its next round.

What to watch

  • Whether DTCC moves its tokenized U.S. securities trades beyond first production runs, and which cash-leg providers it keeps.
  • Which regulatory licenses HIFI adds with the new money, and whether any changes its reliance on partner banks.
  • Whether the Canton Network repo with DRW, Marex and Tradeweb becomes a recurring trade.

Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.

Clarity's read

What the record supports and how the coverage leans. The claims behind it follow.

Reality

Evidence55
Adoption50
Hype gap+30
Incentives70
Confidence60

Perspective Coverage

4 publishers
Builder
Builder 23%
Operator
Operator 32%
Investor
Investor 45%
Why these scores

Claim ledger

Ranked by verification strength, evidence, and original report placement.

  1. [1]

    HIFI raised a $37M Series A led by Left Lane Capital.

    Reported Supported Source: HIFI CEO Zach Walsh to AlleyWatchView cited source
  2. [2]

    HIFI offers a single API that connects regulated bank rails, stablecoins and card networks so businesses can move dollars on and off chain 24/7/365.

    Reported Supported Source: AlleyWatchView cited source
  3. [3]

    The same rails settle the cash leg of tokenized transactions, which put HIFI among the participants in DTCC's July production trades alongside BlackRock, Goldman Sachs and Nasdaq.

    Reported Supported Source: AlleyWatchView cited source
  4. [4]

    HIFI joined DTCC's first production trades of tokenized U.S. securities in July, selected alongside BlackRock, Goldman Sachs and Nasdaq.

    Reported Supported Source: VentureburnView cited source
  5. [5]

    The platform now handles more than $7B in annualized volume across 87 countries.

    Reported Supported Source: AlleyWatchView cited source
  6. [6]

    HIFI's infrastructure can handle over $7 billion in volume per annum, with payment capabilities across 87 countries.

    Reported Supported Source: VentureburnView cited source
  7. [7]

    The financing will support the scaling of HIFI's tokenized capital markets infrastructure and the expansion of its broader product suite, including stablecoin payments and cards products.

    Reported Supported Source: Zach Walsh to AlleyWatchView cited source
  8. [8]

    A partnership with Visa announced this month extends stablecoin-funded payouts to more than 4 billion cards worldwide.

    Reported Supported Source: AlleyWatchView cited source
  9. [9]

    HIFI plans to add more regulatory licenses and grow its team in New York and select international markets.

    Reported Supported Source: VentureburnView cited source
  10. [10]

    Customers use HIFI for USD virtual accounts, instant RTP and push-to-card payouts, and direct stablecoin minting and redemption.

    Reported Supported Source: AlleyWatchView cited source
  11. [11]

    Other backers include Antler, Arcanum Capital, Exitfund and Side Door Ventures; this is HIFI's first priced funding round.

    Reported Supported Source: VentureburnView cited source
  12. [12]

    Securities on blockchains can move at internet speed while the dollars that pay for them still settle on bank schedules that pause at night and on weekends.

    Reported Supported Source: AlleyWatchView cited source
  13. [13]

    Sumitomo is rebuilding its cash management and trading operations on HIFI's infrastructure.

    Reported Supported Source: AlleyWatchView cited source
  14. [14]

    The latest tranche of $27.3 million closed on September 3, with the rest from earlier closes to reach the $37 million total.

    Reported Supported Source: VentureburnView cited source
  15. [15]

    HIFI is two years old and has a team of about 35 people.

    Reported Supported Source: VentureburnView cited source
  16. [16]

    HIFI executed a live on-chain repo trade using tokenized U.S. Treasuries with atomic delivery-versus-payment on the Canton Network with DRW, Marex and Tradeweb; both sides settled at the same time.

    Reported Supported Source: VentureburnView cited source
  17. [17]

    Since January 2025, HIFI has processed over $227 million in stablecoin payments across 6 million transactions on Polygon alone.

    Reported Supported Source: VentureburnView cited source
  18. [18]

    "HIFI earns fees on the money that moves through its platform."

    Reported Supported Source: Zach Walsh, HIFI CEO and cofounder, in AlleyWatch interviewView cited source
  19. [19]

    HIFI's cumulative Polygon volume since January 2025 is roughly 3% of its stated $7 billion annualized volume.

    Derived Supported
  20. [20]

    HIFI is registered as a money services business and works with existing banking partners instead of trying to replace them.

    Reported Supported Source: VentureburnView cited source
  21. [21]

    Each basis point of fee on $7 billion of annual volume is $700,000 a year.

    Derived Supported
  22. [22]

    "We have our work cut out for us. This is still early in the first quarter, we have lots of competition out to take our lunch."

    Reported Supported Source: Zach Walsh, HIFI CEO, to AlleyWatchView cited source
  23. [23]

    HIFI's Polygon stablecoin payments average about $38 per transaction.

    Derived Supported

Sources

4 independent publishers whose own reporting we read for this story.

  1. alleywatch.com

    1 article · September 25, 2026

    HIFI Raises $37M to Connect Regulated Banking Directly to Stablecoins – AlleyWatch
  2. cointelegraph.com

    1 article · September 24, 2026

    HIFI raises $37M to expand stablecoin payments, tokenized markets
  3. theblock.co

    1 article · September 24, 2026

    HIFI raises $37 million Series A to expand tokenized capital markets infrastructure
  4. ventureburn.com

    1 article · September 25, 2026

    HIFI Raises $37 Million for Stablecoin & Tokenized Rails

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