- UK-based payment startup Due raises $3.3 million in seed funding.
- The firm plans to enhance its blockchain-based platform using Ethereum and its scaling solutions.
- The company is set to launch this month, targeting the U.S., Europe, the UK, and Sub-Saharan Africa at the initial stage.
Due, a UK-based fintech startup, has successfully raised $3.3 million in a seed investment round to advance its blockchain-based payment platform. The funding round was spearheaded by Semantic Ventures and Fabric Ventures, with additional backing from investors such as BlockTower, Speedinvest, Polymorphic Capital, and Discovery Ventures.
For context, seed rounds are commonly employed to fund the initial phases of a startup’s growth, encompassing product development, market research, and business expansion. Additionally, this initial financing can cover pre-launch expenditures, including website creation, marketing campaigns, and initial sales operations.
Due, founded last year, stated that it aims to use the newly acquired capital to enhance its technology and extend its fiat currency operations into more markets. Notably, reports claimed that the startup was developing a platform that leverages Ethereum and its scaling solutions to bridge domestic payment systems with open and interoperable blockchain protocols.
Due stated that it aims to provide underserved and emerging markets with seamless access to global liquidity while drastically reducing transaction costs and speeding up settlement times compared to conventional methods.
Robert Sargsian, the co-founder and CEO of Due, who has served with tech giants Revolut and Bolt, emphasized the inefficiencies within the current global financial system, especially in emerging markets. He pointed out the high costs, slow processing times, and limited accessibility associated with accepting overseas payments, paying international vendors, or transferring funds between accounts in different countries.
Notably, Due claimed that it is gearing up to initiate its services this month, initially establishing payment corridors between the U.S., Europe, the UK, and Sub-Saharan Africa. Also, the firm mentioned its plans to broaden its reach to Latin America and the Asia Pacific region in the first quarter of next year.
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