The funding of Fiat Republic seed round comes from Speedinvest, Seedcamp and Credo Ventures.
Image source: Fiat Republic
Fiat Republic, a new fintech startup aiming to bridge the gap between banking and the metaverse has secured $3.5m in seed funding.
London-based Fiat Republic says it is building an e-money-regulated banking and payments API to bring down costs and speed up the time it takes for fiat currencies to be processed through crypto platforms.
This will be both at the individual consumer and corporate treasury levels, according to a media statement.
It has been in closed beta for a number of months but says it will soon go live to a wider pool of customers.
Martyna Lewinska its CTO (pictured left) and Sophie Guibaud (pictured right), its Chief Commercial & Growth Officer are also joining the founding team. Guibaud formerly held the same position as OpenPayd
The crypto industry as a whole is still in its infancy, says CEO of Fiat Republic, Adam Bialy(pictured centre), who adds that big banks, until now, have dictated the terms of access to fiat-based “on harsh internal risk policies, often conceived mainly out of fear of the unknown”.
“By creating an API that facilitates seamless data exchange between both traditional and crypto players, we believe we can foster transparency and better understanding between both sides, which in the future will benefit the whole,” he said.
The cash, which comes from Speedinvest, Seedcamp and Credo, will used to to expand the 14 person team and acquire regulatory permissions in the UK and Europe.
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