Fiat Republica British fintech which offers Banking-as-a-Service for actors of web3has just collected 7 million dollars from Kraken and Fabric Ventures.
Founded in London in 2021, Fiat Republic offers a bank-based API that enables crypto platforms to integrate fiat ramps into their services.
The Banking-as-a-Service company aims to “bridge the gap” between web3 and traditional banking services. And to achieve its mission, it has just completed a new round of financing.
This Tuesday, Fiat Republic announced that it has raised $7 million from major investors in the crypto ecosystem, including Fabric Ventures and Arca. The VC arm of exchange Kraken and several existing investors also put their hands in the pot.
This investment underlines the confidence our investors have in Fiat Republic’s vision,” Adam Bialy, co-founder and boss, was proud to say in a statement.
In parallel with this operation, the fintech revealed that it had obtained an e-money establishment license from the Dutch central bank. Thanks to this authorization, it can now offer its services throughout the EU, and is no longer restricted to its home country.
Fiat Republic had already raised $2.5 million in 2022 in a fundraising round led by Credo Ventures and including the participation of SoftBank Vision Fund.
Web3 players generally find it difficult to obtain banking services due to the reluctance of financial institutions to accept digital assets.
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