UK fintech startup Due has raised $3.3 million in seed funding to expand its blockchain-based payment platform, aiming to provide global liquidity access with reduced transaction costs.
Key Takeaways
- UK-based fintech startup Due has successfully raised $3.3 million in a seed funding round led by Semantic Ventures and Fabric Ventures.
- Due plans to leverage blockchain technology, particularly Ethereum and its scaling solutions, to enhance its payment platform.
- The company’s initial target markets include the U.S., Europe, the UK, and Sub-Saharan Africa.
- Due aims to offer underserved markets access to global liquidity while reducing transaction costs and speeding up settlement times.
UK-based fintech startup Due has secured $3.3 million in seed funding, with backing from prominent investors, to bolster its blockchain-based payment platform.
Blockchain-Powered Payment Platform
Due is focusing on utilizing blockchain technology, specifically Ethereum and its scaling solutions, to enhance its payment platform. This move aims to connect domestic payment systems with open and interoperable blockchain protocols.
🇬🇧 UK Startup Due Raises $3.3M To Fuel Blockchain-Based Payment Platform💰https://t.co/HKpQqqXCui
— 文仁 Fumihito (@FootballPZone) November 8, 2023
Funding to advance #blockchain-based payment platform leveraging #Ethereum and scaling solutions ⛓️
Goal is to provide emerging markets access to global liquidity & lower costs vs… pic.twitter.com/QaPA7gNjIx
Due’s mission is to provide underserved and emerging markets with seamless access to global liquidity. The platform aims to significantly reduce transaction costs and expedite settlement times compared to traditional methods.
Expansion Plans
Robert Sargsian, co-founder and CEO of Due, highlighted the inefficiencies in the current global financial system, particularly in emerging markets. He emphasized high costs, slow processing times, and limited accessibility for overseas payments and international fund transfers.
Due is poised to launch its services this month, initially establishing payment corridors between the U.S., Europe, the UK, and Sub-Saharan Africa. Additionally, the company has ambitious plans to expand into Latin America and the Asia Pacific region in the first quarter of the next year.
To Conclude
The successful seed funding round for Due underscores the growing interest in blockchain-based payment solutions. Due’s goal of enhancing global liquidity access and reducing transaction costs aligns with the evolving fintech landscape.
As the company prepares to launch its services, it will be closely watched to see how it can address the challenges in cross-border payments and bring innovation to underserved markets.
