Fiat Republic raises $7m seed extension round
New investors Kraken Ventures, Fabric Ventures, Arca, Inovo.vc and Pretiosum Ventures joined existing investors Speedinvest, Credo Ventures and Seedcamp in the round
Nearly two years on from its seed funding round, Fiat Republic has added another $7m to its coffers to help bring cryptocurrency and traditional banking together.
The extension round includes investors Speedinvest, Credo Ventures and Seedcamp who all backed the Banking-as-a-Service (BaaS) platform in its initial $3.5m raise in February 2022.
Kraken Ventures, Fabric Ventures, Arca, Inovo.vc and Pretiosum Ventures invested for the first time.
Fiat Republic’s platform simplifies the process of crypto platforms connecting with global and local bank transfer networks, via a single API integration helping bridge the gap between web3 and traditional banks.
The company has also secured its Electronic Money Institution (EMI) licence from De Nederlandsche Bank (DNB). It already has an EMI licence in the UK where it has been operational for over a year.
“With our newly acquired Dutch EMI licence, Fiat Republic will now operate across the entire European Union directly, providing e-money and payment services,” Adam Bialy, CEO and co-founder of Fiat Republic, said.
“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,” he added.
This Dutch licence enables the Fiat Republic platform to provide payment services and issue e-money to EEA crypto platforms, via its purpose-built, developer-friendly API.
With a strong focus on AML, compliance and security, Fiat Republic has a vision to more closely align traditional finance with crypto providers.