Fiat Republic has marked a significant stride in its quest to meld the realms of cryptocurrency and traditional banking with $7m funding.
The company has successfully garnered $7 million in a seed extension round, a testament to its innovative approach in the financial sector.
According to FinTech Finance, this fundraising round witnessed participation from a mix of new investors like Kraken Ventures, Fabric Ventures, Arca, and Inovo.vc, along with continued support from existing backers such as Speedinvest, Credo Ventures, and Seedcamp.
The infusion of capital is poised to propel Fiat Republic’s growth and geographical expansion. The funds are earmarked for strategic recruitments, fortifying banking alliances, and extending their presence into new territories.
At its core, Fiat Republic’s platform eases the integration of crypto platforms with global and local banking networks. It offers a unique solution – a single API integration and a unified compliance touchpoint. This melds traditional financial (tradFi) security with automated fiat payments through embedded banking. Furthermore, Fiat Republic is committed to changing the narrative between crypto platforms, traditional banks, and regulators by forming a coalition aimed at transforming perceptions and fostering partnerships.
Additionally, Fiat Republic has recently obtained a full electronic money institution (EMI) licence from De Nederlandsche Bank (DNB). This enables them to offer regulated financial services throughout the European Economic Area, augmenting their existing UK EMI licence. The Dutch licence allows Fiat Republic to offer payment services and issue e-money to EEA-based crypto platforms via its developer-friendly API.
Fiat Republic CEO Adam Bialy commented, “This investment reflects the confidence our investors place in Fiat Republic’s vision and our trajectory as a market leader in the web 2.5 space. With our new Dutch EMI licence, we are now operational across the entire EU, offering e-money and payment services. Passporting from the Netherlands is not only a boost to our legitimacy but also underscores our commitment to compliance, security, and regulator collaboration.”
Michal Benedykcinski, SVP at Arca, shared, “Arca is excited to support Fiat Republic in bridging the gap between traditional banking and the growing needs of web3 projects. Our investment signifies our belief in creating compliant industry standards that are easy for all market players to follow.”
Anil Hansjee, General Partner at Fabric Ventures, added, “We are thrilled to be part of Fiat Republic’s journey. Their innovative, regulation-first approach in merging traditional banking with web3 is crucial for financial services evolution.”
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