Catena Labs raises $18M to build what it calls an “AI-native bank”—a financial system designed from the ground up for AI agents and smart automation.

Circle Cofounder Launches AI Banking Venture
On May 20, Sean Neville, cofounder of Circle—the company behind USDC—announced that his new startup, Catena Labs, secured $18 million in seed funding. Leading the round was Andreessen Horowitz’s crypto division. Other high-profile backers include Breyer Capital, Circle Ventures, Coinbase Ventures, and even NFL icon Tom Brady.
The funding includes both equity and token warrants, meaning investors hold rights to a future crypto asset Catena Labs plans to release.
From Circle to Catena: A Shift Toward AI Finance
While Neville stepped away from daily operations at Circle in 2020, he remained on the board. Since then, he’s been quietly developing Catena Labs with cofounder Matt Venables, a former senior engineering leader at Circle.
Their journey began in 2021 with a venture studio exploring advanced tech like AI and decentralized identity. But by 2023—spurred by the rise of AI tools like ChatGPT—the duo shifted focus entirely to building financial infrastructure designed for AI integration.
What Is an AI-Native Bank?
Catena Labs envisions a future where AI agents handle financial tasks—from payments to client interactions. To support that vision, the company is building tools that combine AI automation with secure identity verification and payment infrastructure.
While blockchain and stablecoins may play a role, Neville made it clear the system won’t be defined by them. Instead, the goal is seamless, intelligent finance across platforms.
“You should be able to meet your financial advisor and your banker everywhere you want to be,” Neville told Fortune.
Still Early, But Big Backing
So far, the startup has built an open-source protocol for AI-powered identity and payments. However, there’s no confirmed release timeline for its products or token launch. The current team includes just nine people.
Neville also declined to share the company’s valuation.
The timing is notable, as Circle—Neville’s former company—is reportedly in sale discussions with Coinbase, despite active IPO plans. That context adds intrigue to Catena Labs’ debut, especially with Coinbase Ventures also backing the new startup.