Fiat Republic, a London, UK-based banking-as-a-service (BaaS) platform provider, raised $7M in Seed extension funding.
Backers included Kraken Ventures, Fabric Ventures, Arca, and Inovo.vc as well as existing investors Speedinvest, Credo Ventures and Seedcamp.
The company intends to use the funds to hire people, strengthen banking partnerships, as well as expand to new territories.
Led by CEO Adam Bialy, Fiat Republic is building a regulated banking and payments API to help crypto companies collect fiat money from their users to buy crypto and withdraw funds when they sell.
The company also announced it has been granted a full electronic money institution (EMI) licence by De Nederlandsche Bank (DNB), enabling it to provide regulated financial services across the European Economic Area. This comes in addition to their established EMI licence in the UK where they have been operational for over a year. This Dutch licence enables the Fiat Republic platform to provide payment services and issue e-money to EEA crypto platforms, via its purpose-built, developer-friendly API.
FinSMEs
19/12/2023