Due, a London, UK-based provider of a stablecoin and blockchain technology payment platform, raised $3.3M in Seed funding.
The round was led by Semantic and Fabric Ventures, with participation from BlockTower, Speedinvest, Polymorphic Capital and Discovery Ventures, as well as angel investors including ItamarLesuisse (CEO at Argent), Pavel Karagjaur (VP of Growth at Bolt) and Emil Urmanshin (Director of Crypto at Revolut).
The company intends to use the funds to further develop its technology and to expand its fiat currency connectivity to more markets.
Co-Founded by Robert Sargsian, CEO, and Alex Popov, CTO, who are joined by a global team spanning across London, Munich, New York, Sofia, Lagos and Mexico City, Due is a fintech startup with a vision to reshape international payments through stablecoins and blockchain technology. The company provides multi-currency accounts, global transfers/remittances and merchant acquiring for businesses and individuals. It is building a payment platform that connects domestic payment rails via open and interoperable blockchain protocols. The web platform enables customers to open borderless accounts and make/receive payments across 50+ markets using their preferred local payment methods. By building on Ethereum and its various scaling solutions (e.g. Arbitrum, Base, OP, with Starknet and zkSynccoming soon), Due aims to empower underserved and emerging markets with uninterrupted access to global liquidity, while facilitating transactions at lower costs and faster settlement times compared to traditional methods.
Due is set to launch this November focused on key corridors connecting the United States, Europe, United Kingdom and Sub-Saharan Africa, with expansion into Latin America and Asia-Pacific scheduled for Q1 ’24. The company is also actively working on integrating digitised Real World Assets (e.g. tokenised US Treasuries) as a vehicle to provide wider access to treasury and yield-bearing assets.
FinSMEs
07/11/2023