Due, a borderless funds startup based by a Revolut alumnus, has prolonged its seed spherical with an extra £3m funding because it launches its stablecoin API.
Based in 2022, Due gives companies multi-currency accounts that enable the sending and receiving of funds between fiat currencies and stablecoins – cryptoassets pegged to the worth of conventional belongings.
The corporate is increasing its enterprise with the launch of an embeddable API for fintechs trying to provide cross-border funds and crypto wallets.
“Transferring cash internationally nonetheless looks like sending a fax within the age of streaming. With Due, a single API line makes the world one forex zone, delivering real-time settlement at truthful FX that’s 5 to 10 occasions cheaper than legacy wires,” stated Robert Sargsian, founder and chief government of Due.
Earlier than founding the startup, Sargsian labored on the crypto division of Revolut the place he helped developed the fintech’s blockchain technique.
In 2023 Due secured a $3.3m (£2.5m) seed spherical that it has now prolonged to $7.3m (£5.5m). The extension was led by Speedinvest.
“Cross-border funds stay one of the crucial stubbornly damaged items of world finance – and stablecoins are right here to repair it,” stated Speedinvest accomplice Olga Shikhantsova.
“Due is fixing this not with one other app, however with infrastructure: a single, compliant API that simplifies transactions throughout each fiat and stablecoin rails.
“We backed the crew early on and are excited to now lead this spherical as they scale the platform into a real world commonplace.”
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