Coynitt is raising a pre-seed round to take seven Canada-to-Africa corridors from sandbox to live, complete FINTRAC registration, and turn savings circles and community fundraising into the retention layer remittance apps have never had.
Every incumbent competes on the same US$95B of remittance with the same product, so price is the only lever and churn is permanent. The US$145B around it — rotating savings, funeral funds, school-fee pools, village projects — has no software at all, because it requires understanding institutions rather than building another send form.
Coynitt enters on price and speed, then holds the customer with Rounds and Harambee, which are inherently multi-player: one organiser brings eight to fifty verified relatives with them.
Layer-2 settlement made a five-minute, sub-3% cross-border transfer economically ordinary rather than an experiment.
Corridor decisions that used to need a rules table maintained by hand can now be reasoned about per transaction, per second.
Mobile money is the default payout rail in every corridor we serve, so the last mile no longer needs a cash agent.
The raise covers registration, partner onboarding across seven corridors, the first two hires and eighteen months of runway. It is deliberately sized to reach live transfers and measurable retention on Rounds rather than to fund a marketing sprint.
CAD $7.5M cap · MFN · pro-rata for major investors. 18 months to the Series Seed gate. Coynitt Canada Inc., single Alberta entity — no Delaware parent.
A per-transaction reasoning layer that improves with every corridor we run. Not a rules table a competitor can copy from a screenshot.
A Round brings eight to fifty verified relatives at once. Acquisition cost per member falls as the circle grows.
Encoding a mukando correctly is a trust asset. Getting it wrong is unrecoverable, and incumbents have not tried.
Registration, partner diligence and monitoring are eighteen months of unglamorous work already under way.
We would rather put these on the website than have them discovered in diligence. Each one has a stated mitigation and a number we watch.
Completion is not in our control. Mitigation: no launch dependency on a specific date, sandbox testing continues, and the burn assumes a longer wait than we expect.
A single partner failing degrades a corridor. Mitigation: two or more partners per corridor before it goes live, with automatic fallback routing.
Families do not send funeral money through an unknown app. Mitigation: community launch in Calgary first, with organisers who can vouch in person.
A large operator can undercut a corridor temporarily. Mitigation: Rounds and Harambee retention, which price cuts do not address.
Our FINTRAC MSB registration is Approval Pending, and we're running partner sandbox testing. Drop your email and we'll send you an early-access invite the day Coynitt opens — before we tell anyone else.
