Blockchain-based international payments startup Due has successfully raised $3.3 million in seed funding.
The funding round was led by Semantic and Fabric Ventures, with participation from BlockTower, Speedinvest, Polymorphic Capital, Discovery Ventures, and several angel investors.
Based in London, Due is among many fintechs aiming to enhance cross-border payments by making them faster, cheaper, and more efficient. The company is developing a platform that links domestic payment systems using open and interoperable blockchain protocols. Through its web platform, customers will be able to open borderless accounts and conduct payments in over 50 markets using their preferred local methods.
Leveraging Ethereum and various scaling solutions, Due is focused on providing underserved and emerging markets with continuous access to global liquidity, enabling transactions at lower costs and with significantly faster settlement times. The firm offers fully non-custodial accounts, allowing clients to maintain complete control over their assets on decentralized networks.
The platform is set to launch this month, targeting key corridors that connect the US, Europe, the UK, and Sub-Saharan Africa, with plans for expansion into Latin America and the Asia-Pacific region early next year.
Robert Sargsian, the CEO of Due and a former employee of Revolut and Bolt, stated, “The current global financial system, especially in emerging markets, is riddled with inefficiencies. Accepting payments from overseas, paying international vendors, or moving funds between accounts in different countries is expensive, slow, and hard to access. We’re here to challenge and change that.”