“Can a licensed, stablecoin-native money-movement API out-compose the stitched-together bank + KYC + on-ramp stack for cross-border and LatAm payouts?”
Mural was founded in 2022 as a DAO treasury banking stack, backed by Galaxy Ventures and DCG at the height of crypto-native infrastructure investing. It pivoted hard: today Mural positions as a licensed money transmitter and 'compliant system of record' for fintechs, platforms, and agents to move money across LatAm and global corridors — stablecoins are a settlement rail, not the product. The current wedge is forward-deployed engineering + multi-state MTLs + stablecoin-fiat orchestration across USD, EUR, MXN, BRL, ARS, COP and 20+ payout currencies, with Deel as the flagship logo.
Mural Pay discloses Mural Networks, Inc. (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Mural Pay does not disclose a bank charter of its own; its banking services are provided through Mural Networks, Inc. (in-house).
Mural Pay processes payments through Mural (self-operated) and checkout.
Mural Pay connects to bank accounts through Plaid.
Mural Pay uses Mural (self-operated) for FX and cross-border payouts.
Mural Pay's crypto products run on Mural (self-operated).
The Embedded Finance Index 2026 maps 6 layers in Mural Pay's stack: Payments / PSP (Mural (self-operated) and checkout); Banking / BaaS (Mural Networks, Inc. (in-house)); Open banking (Plaid); FX & payouts (Mural (self-operated)); Crypto (Mural (self-operated)); Treasury (Mural 'Grow' (self-operated)).
Mural Pay was founded by Sinclair Toffa, Kevin Alvarez-Fung and Arthur Kam and is founded in 2022, headquartered in New York, NY, USA.
Mural Pay has raised $5.6M in total (latest round: Seed, 2022).
Get a read on where your own stack stands against Mural Pay and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.