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JPMorgan-backed metaverse payments platform Tilia extends funding round

JPMorgan-backed metaverse payments platform Tilia extends funding round

JPMorgan-backed Tilia, a Linden Labs spin off that is building a payments platform for virtual economies, has secured fresh capital from new backer Seoul-based fintech Dunamu.

Tilia has now raised a total of $22 million in funding to scale its platform for providing KYC-compliant micropayments and minted tokens for online games, creator platforms, social commerce and other digital social worlds.

With funding in place, the firm has lured Catherine Porter from Meta as its first chief business officer. Porter led global partnerships and fintech innovation at Meta, including building the Diem ecosystem and the traditional payments ecosystem for all Meta products worldwide.

“I’ve seen firsthand how difficult it is to build payments networks, even at the biggest global tech companies,” she says. “I joined Tilia because it has the track record, the technology, and the regulatory expertise necessary to create a trusted and safe financial system for every online economy, and we have only scratched the surface of what’s possible.”

In addition to the investment, Tilia is also working with JPMorgan Payments to enhance its current capabilities throughout its processing platform including providing increased payment and payout methods, expanding pay-out currencies and support services.

Speaking in October last year after JPMorgan's investment in Tilia, Drew Soinski, senior payments executive, managing director, said: "We believe that contextualised commerce - such as virtual economies within games and virtual worlds - is an area perfectly positioned for innovative payments solutions to play a critical role in the coming years."

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