Fung, an Amsterdam,The Netherlands-based startup that provides a regulated Payments Platform unifying crypto and fiat rails, raised $2.7m in a pre-seed funding round.
The round was co-led by Global Founders Capital (GFC), Kingsway Capital, Kindred Capital, and Karatage.
The company intends to use the funds to expand operations and its business reach.
Fung provides a regulated payments platform unifying crypto and fiat payment rails to allow for access to digital assets and payment services, while also offering an immediate solution to compliance issues in digital assets and payment services. The company will enable merchants to take crypto and fiat payment rails in a compliant manner, where they can meet their own mandatory KYC/AML obligations. At their starting point, Fung will target SME e-commerce companies who want to accept fiat and crypto payments at checkout, as well as configurable payouts, but cannot get adequate support to do this. To facilitate payouts in fiat currencies, the company will provide merchants with IBANs to offer a one-stop shop solution.
The startup is on a path to become fully regulated by the Dutch Central Bank (DNB) for both fiat and crypto, setting up to be MiCA (Markets in Crypto Assets Regulation) ready.
FinSMEs
06/06/2022