Walapay

Walapay is a global money movement platform that provides businesses and developers with API-first infrastructure to collect, hold, and send money across fiat currencies and stablecoins in more than 180 countries. Founded in 2022 by brothers Tom Borgers and Dimitri Borgers and headquartered in New York City, the company launched operations in October 2024. Tom Borgers brings more than ten years of startup experience in fintech and payments; Dimitri Borgers holds technical expertise in banking and payment technologies gained from prior roles at Oliver Wyman and Capital One.

The platform is built around three core products: Virtual Accounts, Payments, and Compliance.

Virtual Accounts

Walapay enables businesses to issue multi-currency virtual accounts to their customers. Virtual bank accounts are denominated in ten fiat currencies — USD, EUR, GBP, CAD, AUD, NZD, SGD, HKD, CNH, and MXN — and are held as named, dedicated accounts at tier-1 banks with local routing codes and IBANs, giving users real access to local payment rails rather than pooled or virtual ledger balances. In addition to fiat accounts, Walapay issues virtual digital asset wallets supporting stablecoin holdings across multiple blockchain networks, including Solana, Polygon, and others. Solana users can connect self-custodial wallets such as Phantom alongside Walapay-issued custodial wallets. Accounts can be programmed to auto-liquidate incoming funds into a different currency — for example, converting received MXN automatically into USDC — removing manual treasury overhead.

Payments

Walapay's Payments API supports four payment flow types: fiat-to-fiat, fiat-to-stablecoin, stablecoin-to-fiat, and stablecoin-to-stablecoin. The API is designed to handle both first-party movements (a customer moving between their own accounts) and third-party payouts (a platform paying out to its users or suppliers). Developers specify the payment rail — local ACH or SEPA rails versus international wires — and Walapay routes accordingly. Coverage spans more than 60 currencies and more than 178 countries. Stablecoin support includes USDC and USDT; Walapay is a Circle partner integrating both USDC and EURC in its cross-border flows.

The platform uses stablecoins as a core settlement rail to cut costs and time. According to Walapay's partnership announcement with Dfns, using stablecoin-native infrastructure reduces cross-border payment costs by approximately 4x compared with traditional correspondent banking and settles payments up to 10x faster. Institutional payouts on the platform average $500,000 per transaction.

Compliance

Walapay includes a built-in compliance suite accessible via the same API. It handles KYC (Know Your Customer) verification for individuals and KYB (Know Your Business) verification for companies, including beneficial ownership checks that cover associated persons holding 25% or more of a business entity. AML screening and ongoing transaction monitoring are integrated at the infrastructure level, allowing platforms to launch compliance-ready without building their own verification stack. Walapay Inc. is registered as a Money Services Business with FINTRAC (registration number C100000625), the Canadian federal financial intelligence unit.

Wallet and Blockchain Infrastructure

In July 2025, Walapay announced a partnership with Dfns, a wallet-as-a-service provider, to power its digital asset wallet infrastructure. The integration enables Walapay to offer both custodial wallets — with policy enforcement and KYB gating built in — and self-custodial wallets where end-users retain control of their private keys. Dfns provides multi-party computation (MPC) and threshold signature scheme (TSS) key management backed by Trusted Execution Environments (TEEs), giving Walapay hardware-grade security without running its own key management system. The arrangement allows Walapay to expand to new blockchain networks and adjust custody models per market or product without rebuilding its core infrastructure.

Use Cases and Target Customers

Walapay serves four primary customer categories: fintechs and neobanks that need to issue accounts, collect deposits, and pay out to users globally; payment service providers that use Walapay for instant stablecoin settlement and treasury management; payroll providers and marketplaces that need to pay individuals and businesses across borders using stablecoin rails and local payment networks; and global businesses that use the platform for treasury management, repatriation of foreign-currency revenues, and supplier payments.

Named customers include Zarpay, a cross-border payments company whose founder cited Walapay's coverage for scaling into new payment corridors, and Capa, a trade-finance platform whose CEO highlighted the platform's performance for Asia operations in import-export contexts.

Traction and Funding

As of April 2025, Walapay reported more than $85 million in monthly transaction volume and had onboarded more than 40 business customers since launching operations in October 2024. The company is backed by Fiat Ventures, a fintech-focused venture firm. The investment decision was led by Marcos Fernandez, formerly Head of Partnerships for the Americas at Ripple, reflecting Fiat Ventures' thesis on stablecoin-native payment infrastructure.

Developer Experience

Walapay's API-first infrastructure provides a sandbox environment for integration testing, webhook support for event-driven workflows, and a monitoring dashboard for transaction visibility. The developer documentation is maintained at docs.walapay.io and covers onboarding flows, account creation, payment execution, and compliance endpoints.