Metal, a financial infrastructure startup building blockchain rails for tokenized financial products and stablecoin payments, has raised nearly $50 million in a seed funding round led by Airwallex and Capital49. The financing was reported by the Australian Financial Review on October 4, 2026, several months after Metal first disclosed the investment without revealing its size. The company was co-founded by Australian entrepreneur Loong Wang and former Meta executive Catherine Porter.
Airwallex Backs Metal’s Financial Infrastructure Vision
Metal first announced the investment in June, when Wang said discussions with Airwallex CEO Jack Zhang had developed from conversations around stablecoins into a broader effort to build infrastructure for the next generation of financial services. Airwallex and Capital49 co-led the seed round, while Airwallex also became Metal’s first design partner. The collaboration is intended to help shape infrastructure supporting stablecoins, tokenized assets, financial institutions, and emerging agent-based payment applications.
The nearly $50 million figure significantly increases the scale of the previously disclosed financing, although the Australian Financial Review did not specify whether the amount was denominated in Australian or US dollars. Capital49 is the venture investment arm associated with Airwallex, which has built a global payments and financial platform serving businesses across multiple markets. Metal has not publicly disclosed additional investors in the round or detailed how the financing will be allocated across product development, hiring, and expansion.
Building a Blockchain for Regulated Finance
Metal describes its platform as foundational infrastructure for tokenized financial products, with potential applications spanning tokenized deposits, money market funds, Treasury bills, equities, securities, and stablecoin payments. Zhang has described Metal as a Layer 1 blockchain designed specifically for compliant global settlement and for regulated financial institutions seeking to move digital assets securely. The platform is being developed with an emphasis on institutional requirements, regulatory frameworks, and integration with existing financial infrastructure.
The company is also positioning itself to support increasingly automated financial activity, including transactions initiated by artificial intelligence agents and embedded financial products. Through its relationship with Airwallex, Metal could potentially connect blockchain-based settlement infrastructure with established payment rails spanning numerous currencies and markets. However, the companies have not yet disclosed customer transaction volumes, specific live payment corridors, or a confirmed mainnet launch date.
Experienced Founders Behind Metal
Wang serves as Metal’s chief executive and previously founded Ren, a cross-chain liquidity protocol designed to move assets such as Bitcoin between blockchain networks. According to Metal, Ren processed approximately $13 billion in volume during its first 12 months before Wang exited the project. His background gives Metal experience in blockchain infrastructure at a time when financial institutions are increasingly exploring tokenized assets and digital settlement systems.
Porter serves as Metal’s president and brings experience from Meta’s blockchain initiative, Libra, where she led partnerships and business development. Her experience working with institutional partners complements Wang’s technical and entrepreneurial background as Metal pursues relationships with banks, payment companies, asset managers, and other regulated financial institutions. Together, the founders are aiming to position Metal between traditional financial infrastructure and emerging blockchain-based settlement systems.
Growing Competition in Tokenized Finance
Metal is entering a market where major financial institutions are already experimenting with tokenized deposits, stablecoins, money market products, and blockchain-based settlement. Banks and asset managers have increasingly tested digital assets on established institutional networks, creating competition for newer blockchain platforms attempting to become financial infrastructure providers. Metal will therefore need to demonstrate that its technology can offer advantages in compliance, interoperability, settlement efficiency, and distribution.
Airwallex’s role as both an investor and design partner provides Metal with an established financial technology company that can help inform how the platform is developed for institutional use. The partnership may also give Metal access to practical insights into cross-border payments, regulatory requirements, and financial infrastructure across multiple markets. Still, broader adoption will ultimately depend on whether banks, asset managers, payment providers, and other institutions choose to deploy meaningful transaction volumes through the network.
The nearly $50 million seed round gives Metal substantial early-stage capital to pursue its ambition of building blockchain infrastructure for regulated digital finance. Backing from Airwallex and Capital49 also provides the startup with a strategic connection to an established global payments company as tokenized assets and stablecoin settlement continue to attract institutional interest. Metal’s next major test will be translating that investment and design partnership into live products, institutional customers, and measurable financial activity.
Source: Financial Review