Rise, a hybrid payments platform specialising in payroll and compliance solutions, has raised $6.3m in its Series A funding round.
The company, which launched in 2022, provides businesses with the tools to manage payments for contractors and employees globally using both fiat and digital currencies.
The funding round was led by Draper Associates, with additional support from Polymorphic Capital, DCG, JAM Fund, Ryze Labs, and Paradigm Shift Capital. This latest investment brings Rise’s total funding to $10m.
Rise’s platform bridges traditional finance and blockchain, offering infrastructure that supports fiat currencies and digital assets. It automates domestic and cross-border transactions through its proprietary on-chain smart contracts, enabling businesses to pay contractors in their preferred currency, regardless of the treasury type.
The fresh capital will be used to expand the team, develop new products, and strengthen Rise’s compliance infrastructure globally. The company also plans to obtain Money Transmitter Licenses in the US and equivalent certifications in other regions to facilitate the release of future offerings.
Rise’s flagship product is a global contractor payment system, trusted by over 150 businesses and 100,000 contractors. Its clientele spans traditional companies, Web3 firms, DAOs, and protocols, illustrating its versatility in serving a broad market.
Hugo Finkelstein, co-founder and CEO of Rise, said, “We’re thrilled to have the continued support of such an esteemed group of investors. This new capital injection will help us bring new products, built on top of our infrastructure, faster to market and empower businesses, web2 or web3, to supercharge their payments and payroll operations and compliance. Our focus has always been to help businesses and individuals adapt to the future of work, and this capital will drive that mission forward.”
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