Blockchain-based international payments startup Due has raised $3.3 million in seed funding.
The round was led by Semantic and Fabric Ventures, with participation from BlockTower, Speedinvest, Polymorphic Capital, Discovery Ventures and a host of angels.
London-based Due is one a plethora of fintechs bidding to make cross-border payments faster, cheaper and simpler.
It is building a platform that connects domestic payment rails via open and interoperable blockchain protocols. A web platform enables customers to open borderless accounts and make and receive payments across more than 50 markets using their preferred local methods.
By building on Ethereum and its various scaling solutions, Due says it aims to empower underserved and emerging markets with uninterrupted access to global liquidity, while facilitating transactions at much lower costs and significantly faster settlement times.
The firm is offering fully non-custodial accounts, meaning clients maintain complete control over their assets on decentralised networks.
The platform is set to launch this month, focused on key corridors connecting the US, Europe, UK and Sub-Saharan Africa, with expansion into Latin America and Asia-Pacific scheduled for early next year.
Former Revolut and Bolt staffer Robert Sargsian, now Due CEO, says: “The current global financial system, especially in emerging markets, is riddled with inefficiencies. Accepting payments from overseas, paying to international vendors, or even moving funds between accounts in different countries is expensive, slow and hard to access.
"We’re here to challenge and change that."