# Metal

> Institutional settlement infrastructure for tokenized financial products, stablecoin payments and AI-agent commerce.

## Why it is interesting

The reported nearly $50 million seed size is exceptional for a company launched in 2026. More important than the headline amount is the strategic structure: Airwallex is simultaneously an investor, design partner and prospective route to regulated fiat rails. That could solve a difficult distribution problem for a new settlement network, but it also creates concentration risk and does not yet prove transaction volume, regulatory approval or production adoption.

## Profile

- **Latest funding:** Seed — US$32.525 million offering target; US$26.400 million sold to 25 investors as of the September 11 Form D. Australian reporting on October 4 said the target was subsequently completed, equivalent to approximately A$49 million. (September 11, 2026)
- **Latest known valuation:** Undisclosed (September 11, 2026)
- **Total disclosed equity funding:** Not publicly disclosed
- **Stage:** seed
- **Status:** private
- **Industries:** crypto-web3, fintech, infra-cloud, ai-ml
- **Coverage:** full
- **Last updated:** 2026-10-04T00:00:00.000Z
- **Latest funding investors:** Airwallex, Capital49

## Key facts

- A September 11 SEC filing listed a US$32.525 million equity offering target and US$26.400 million sold to 25 investors.
- Australian reporting on October 4 said the full target was completed, equivalent to approximately A$49 million.
- Airwallex and Capital49 co-led the seed financing; Airwallex also became Metal's first design partner.
- Metal says Airwallex's network can connect its infrastructure to local payment rails in 200 countries and 90 currencies.
- Co-founders Loong Wang and Catherine Porter previously worked on Ren Protocol and Meta's Libra initiative, respectively.

## Funding history

- Seed · US$32.525 million offering target; US$26.400 million sold to 25 investors as of the September 11 Form D. Australian reporting on October 4 said the target was subsequently completed, equivalent to approximately A$49 million. · September 11, 2026
  Source: https://www.sec.gov/Archives/edgar/data/2152131/000215213126000001/xslFormDX01/primary_doc.xml

## Investors in our directory

- https://venturecapitaltracker.com/fund/capital49

## Related articles

- https://venturecapitaltracker.com/2026-metal-32-5m-seed-airwallex-tokenized-finance

**By:** [Venture Capital Tracker](https://venturecapitaltracker.com/editorial-policy)
**Last updated:** October 4, 2026

**Editorial note:** AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.

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Source: https://venturecapitaltracker.com/startup/metal-tokenized-finance