Ex-PayPal execs launch cross-border digital payments network

Two former PayPal executives have launched a decentralised cross-border payment network that connects both traditional and digital currencies.

The new company, Six Clovers, is a FinTech infrastructure that links banks, merchants, and payment providers to transact in digital currencies around the world.

The business, founded by ex-PayPal executives Jim Nguyen and Nas Kavian, is backed by investments from Borderless Capital as the lead investor with participation from BCW Group and Grupo Supervielle, one of Argentina’s leading banks, along with angel investors.

The payment network is built on Algorand, a blockchain which facilitates the convergence of decentralised and traditional finance.

The network uses regulated stable coins including USDC to represent fiat on-chain, and enables the instant transfer of value between sender and receiver.

Six Clovers said that while financial institutions primarily rely on the SWIFT protocol for cross-border payments, the process is a “long, multi-day journey” across the network of banks, often spanning multiple time zones, and incurring fees for each intermediary.

The company said that with an estimated $2.5 quadrillion transferred globally each year, the market is “ready for an upgrade.”

“Six Clovers is a next-generation payments infrastructure that solves many of today’s challenges with domestic and cross-border payments, while opening up a whole new world of digital finance opportunities,” said Jim Nguyen, co-founder and chief, Six Clovers. “We equip financial institutions, payment providers, and merchants with a full-stack, blockchain native payment infrastructure to seamlessly and securely move and transact in digital currencies globally.”

    Share Story:

Recent Stories


New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.