Fiat Republic, a BaaS startup focused on simplifying the connection between crypto platforms and bank transfer networks, has successfully raised $7 million in a seed funding extension round. This round saw participation from Kraken Ventures, Fabric Ventures, Arca, and Inovo.vc, along with existing investors Speedinvest, Credo Ventures, and Seedcamp. Previously, Fiat secured $3.5 million in financing in 2022.
The startup provides a streamlined solution with a single API integration and a unified compliance touchpoint, allowing crypto platforms to access traditional transaction banking services more efficiently, thereby reducing both time and costs associated with processing fiat currencies.
Additionally, Fiat Republic is working to build a coalition of crypto platforms aimed at transforming the perception of cryptocurrencies within traditional financial sectors, focusing on collaboration rather than conflict.
On another note, Fiat Republic has received a full electronic money institution license from De Nederlandsche Bank, which will enable it to offer regulated financial services throughout the European Economic Area. This is in addition to the EMI license it holds in the UK.
Adam Bialy, CEO of Fiat Republic, commented, “With our newly acquired Dutch EMI license, Fiat Republic will now operate across the entire European Union directly, providing e-money and payment services. Passporting from the reputable and credible jurisdiction of the Netherlands not only enhances our legitimacy in the traditional finance landscape but also underscores our commitment to high compliance standards, security, and close collaboration with regulators. This move indicates that the Netherlands is open for business ahead of the upcoming MiCA regulation.”