Due Secures $3.3 Million to Revolutionize Global Payments Through Blockchain
As the world witnesses a shift towards real-time payments on local networks, Due aims to bridge the gap in connectivity across domestic payment rails for cross-border transactions.
Due, a London-based next-gen startup, proudly announces its triumphant raise of $3.3 million in seed funding. This game-changing enterprise is on a mission to reshape international payments, making them faster, more affordable, and universally accessible, all thanks to the power of blockchain technology.
The funding round was nothing short of spectacular, with key investors such as Semantic, Fabric Ventures, BlockTower, Speedinvest, Polymorphic Capital, and Discovery Ventures, leading the charge. Not to mention the brilliant angel investors on board, including luminaries like Itamar Lesuisse (CEO at Argent), Pavel Karagjaur (VP of Growth at Bolt), and Emil Urmanshin (Director of Crypto at Revolut).
The funding round was nothing short of spectacular, with key investors such as Semantic, Fabric Ventures, BlockTower, Speedinvest, Polymorphic Capital, and Discovery Ventures, leading the charge. Not to mention the brilliant angel investors on board, including luminaries like Itamar Lesuisse (CEO at Argent), Pavel Karagjaur (VP of Growth at Bolt), and Emil Urmanshin (Director of Crypto at Revolut).
As the world witnesses a shift towards real-time payments on local networks, Due aims to bridge the gap in connectivity across domestic payment rails for cross-border transactions. Cross-border payments are predicted to reach $200 trillion by 2027, but inefficiencies and high costs plague the market. Due is set to revolutionize the space by connecting domestic payment rails using open and interoperable blockchain protocols, offering borderless accounts for transactions across 50+ markets.
Robert Sargsian, CEO and Co-Founder (formerly of Revolut and Bolt), succinctly explained:
"The current global financial system, especially in emerging markets, is riddled with inefficiencies. Accepting payments from overseas, paying 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."
And challenge it they will, Due is building a groundbreaking payment platform, connecting domestic payment rails through open and interoperable blockchain protocols. Their web platform empowers customers to open borderless accounts and make or receive payments across more than 50 markets using their preferred local payment methods. Due is leveraging Ethereum and its array of scaling solutions, such as Arbitrum, Base, OP, with Starknet and zkSync on the horizon. This approach aims to empower underserved and emerging markets with seamless access to global liquidity, facilitating transactions at a fraction of the cost and with significantly faster settlement times compared to traditional methods.
One remarkable aspect that sets Due apart from existing providers is its fully non-custodial accounts. Clients maintain complete control over their assets on decentralized networks, allowing direct access without the need for intermediaries. These smart contract wallets with Account Abstraction offer a simplified user experience, with one-click executions, gasless transactions, and enhanced security.
Due is set to launch this November, initially focusing on key corridors connecting the United States, Europe, the United Kingdom, and Sub-Saharan Africa, with expansion into Latin America and the Asia-Pacific region scheduled for Q1 '24. Additionally, the company is actively working on integrating digitized Real-World Assets (e.g., tokenized US Treasuries) to provide broader access to treasury and yield-bearing assets.
Co-Founders Robert Sargsian and Alex Popov, CTO, have assembled a stellar global team spanning across London, Munich, New York, Sofia, Lagos, and Mexico City. These team members bring experience from renowned companies including Revolut, Uber, Binance, and Bolt.
The company's mission is crystal clear: to make global payments faster, more affordable, and universally accessible. Due's vision is a future where money is truly global, permissionless, and inclusive. Stay tuned as Due reshapes the world of payments as we know it.
