BaaS platform Fiat Republic raises $7m in seed extension
By Delisha Fernandes
Fiat Republic, a Banking-as-a-Service (BaaS) platform, has raised $7 million in a seed extension round, to bridges the gap between web3 and traditional banks.
Participants in the round include first-time investments from Kraken Ventures, Fabric Ventures, Arca, and Inovo Ventures, as well as existing investors Speedinvest, Credo Ventures, and Seedcamp.
This significant capital injection is set to fuel sustained growth and expansion, with the funds earmarked for key initiatives, including strategic hires, strengthening banking partnerships, and expanding to new territories.
Adam Bialy, CEO and co-founder of Fiat Republic, said, “This investment underscores the confidence our investors have in Fiat Republic’s vision and the future trajectory of the company in the financial space. Passporting from the reputable and credible jurisdiction of the Netherlands not only boosts our legitimacy in the traditional finance world but also highlights our commitment to high compliance standards, security, and close collaboration with regulators. This move, to me, also signals that the Netherlands is open for business ahead of the upcoming MiCA regulation.”
The company also announces it has been granted a full electronic money institution (EMI) licence by De Nederlandsche Bank (DNB), enabling it to provide regulated financial services across the European Economic Area.
Through a single integration and compliance onboarding, Fiat Republic platform provides crypto platforms essential connections to various global and local fiat payment networks, embedding both traditional finance and a compliance-first mindset at its heart. Fiat Republic is also forging a coalition of crypto platforms to liaise more effectively with regulators, aiming to set standards for the asset class and shift its image among traditional financial entities.
Michal Benedykcinski, SVP at Arca, said, “Arca is enthusiastic to back Fiat Republic on its mission to bridge the gap between traditional banking and the rapidly growing financial needs of web3 projects. Our investment in Fiat Republic represents a deep belief in making compliant industry standards for individual transactions easy to follow by all market participants, whether you are a crypto platform, bank, or regulator.”
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