London-based Payment Startup Due Raises $3.3 Million in Seed Funding
Due, a payment startup based in London, has secured $3.3 million in a seed funding round led by Semantic and Fabric Ventures. Other participants in the round include BlockTower, Speedinvest, Polymorphic Capital, and Discovery Ventures. The company plans to use the funding to further develop its technology and expand its fiat currency connectivity to more markets.
Building a Platform for International Transactions
Due was established last year and is currently building a platform that connects domestic payment rails using open and interoperable blockchain protocols. By leveraging Ethereum and its scaling solutions, Due aims to provide uninterrupted access to global liquidity for underserved and emerging markets. It also aims to facilitate transactions at lower costs and faster settlement times compared to traditional methods.
The Inefficiencies of the Current Financial System
Robert Sargsian, co-founder and CEO of Due, highlighted the inefficiencies of the current global financial system, especially in emerging markets. Accepting payments from overseas, paying international vendors, or moving funds between accounts in different countries is expensive, slow, and difficult to access. Due plans to launch this month with corridors connecting the U.S., Europe, the UK, and Sub-Saharan Africa. Expansion into Latin America and Asia Pacific is planned for the first quarter of next year.
Hot Take: Revolutionizing International Payments with Blockchain
Due’s seed funding round signifies a vote of confidence in its mission to revolutionize international payments through blockchain technology. By leveraging decentralized networks and open protocols, Due aims to address the inefficiencies of the current financial system and provide easier access to global liquidity. With its upcoming launch and planned expansion into new markets, Due has positioned itself as a promising player in the fintech industry. As the world increasingly embraces digital currencies and blockchain solutions, Due’s platform has the potential to disrupt traditional methods of international transactions and empower underserved markets.
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