With international trade, e-commerce, and a growing immigrant population on the rise, the need for fast, cheap, and transparent cross-border payments has never been greater.
The global cross-border payments market size was valued at USD $347.7$ billion in 2024 and is projected to grow to USD $620.15 billion by 2032. This growth creates a multi-billion-dollar opportunity for innovators looking to disrupt the financial services industry.
For too long, traditional bank transfers have been the bottleneck. High fees, slow settlement times, and confusing exchange rates force businesses to search for faster, modern solutions.
Canadian companies are stuck in a financial traffic jam
In a competitive global environment, time is cash flow. Yet, traditional payment systems force many businesses into a frustrating waiting game. This friction is a real-world problem that costs Canadian companies money and competitiveness.
"Three out of every 10 businesses in Canada have a cash flow problem, which is centred around delay in cash flow processing, high transaction fees and unclear exchange rates," said Afeez Moradeyo, co-founder and CEO of the startup Cashtella, a cross-border B2B payment processing solution.
This reality is creating a demand for financial infrastructure that is instant, clear, and designed for the digital world. He illustrated the issue by noting the irony in transacting with a neighbouring country.
"Now, Canada and the United States are neighbours, but you could easily drive down to Buffalo, get paid, and drive back into Canada faster than your money will arrive in the United States".
Grit, global experience, and a new vision for payments
The idea for Cashtella was born from Afeez Moradeyo’s own frustrating personal experience while working abroad.
"The journey of Cashtella began while working at the African Union. I had to travel from the Gambia to Senegal to access my Mastercard from Nigeria. That made me think, why do I need to travel from one country to another to access funds? And then the idea of Cashtella came to life.”
Afeez Moradeyo's dedication to solving hard problems stems from his unique background.
"I attended a military school back in Nigeria before going into study Computer science to Master’s level, and that experience shaped my mind towards dedication and diligence."
Cashtella’s platform helps Canadian and global businesses reduce payment settlement delays and save on transaction processing costs. Cashtella says companies can save over 30 per cent on transaction fees, with the savings reinvested into operations. Early adopters are primarily in logistics and tech sectors that rely heavily on quick cash flow.
The Bank of Canada’s seal of approval
The urgency for faster payments is moving from a consumer desire to a regulatory priority. Cashtella recently obtained approval from the Bank of Canada, a significant sign of this shift.
Cashtella’s recognition by the Bank of Canada signals that the platform meets Canada’s regulatory standards for secure cross-border payments. In practice, this means businesses can trust that funds are handled safely, compliance requirements are met, and payments can be processed quickly and reliably.
For Afeez Moradeyo, this achievement is paramount.
This validation, supported by a regulatory compliance partner, allows the company to operate while aligning with Canada’s emerging stablecoin framework. The technology uses stablecoins—digital money pegged to the value of a dollar—to send value instantly and cheaply across borders.
"The Bank of Canada is a big win for us at Cashella because this validates our commitment to ensuring our end users' funds are safe and they can trust us with their funds.”
The global shift towards "blockchain-enabled payment, which is on the stable coin rails," is undeniable, and Afeez Moradeyo believes Canada is working to catch up.
Cashtella and other innovative fintechs are building the next generation of payment rails, which Moradeyo believes will eventually be preferred by businesses over traditional banks.
A worldly founder and a local launchpad
Afeez Moradeyo’s global journey shapes the vision behind Cashtella. From the Nigerian Air Force Secondary School to supporting IT operations at the African Union, and later spending four years as an entrepreneur at the Dubai International Financial Centre (DIFC), he gained firsthand insight into the complexities of cross-border commerce and financial access.
He moved to Canada through the Startup Visa Program after being accepted by the Innovation Cluster in Peterborough, where he continued developing the company within Canada’s innovation ecosystem.
As a Communitech Startup Bootcamp alum, the company continues to leverage Waterloo Region’s tech ecosystem for support in scaling beyond the engineering challenge. Cashtella’s success is one more example of a local startup solving a difficult, global problem.
Legacy banks won’t wait, and neither should you
For founders and business leaders, Afeez Moradeyo says this is an opportunity to explore new solutions. As payment methods evolve to include faster, lower-cost, digital-first wallets alongside traditional transfers, businesses that leverage a combination of tools can gain a global competitive edge.
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