Iris raises $40M-plus to scale ALVA financial services on Avalanche

Iris has launched publicly with more than $40 million in funding to build a financial network that enables telecom operators to generate additional revenue from their existing infrastructure. Built on Avalanche, the network connects operators’ identity, billing and distribution systems to modules for advertising, payments, commerce and settlement. The company is backed by a $43 million commitment from Balesia Group, which has more than four decades of experience in the telecom industry. Iris said transactions settle through USDi, a dollar-backed stablecoin, so operators can hold and move value in dollars without exposing their balance sheets to volatile assets. VIVA, a licensed mobile operator in Bolivia and Mexico, is the first carrier operating on Iris. According to Iris, VIVA uses the Stablecoin Module for transaction settlement and operating reserves, while the Superapp Module has cut prepaid customer churn by 33% and increased prepaid customer lifetime value by 35%. ALVA, a mobile application supported by the network, is already live through VIVA in Bolivia, serving a market with more than 3 million mobile subscribers. Iris said it has agreements with telecom operators represe...