Revolut alum raises $3.3m for global payments fintech Due

London-based payments startup Due has secured a $3.3m seed round.

Led by Semantic and Fabric Ventures, the round also saw participation from BlockTower and Speedinvest, alongside notable angel investors including Argent CEO Itamar Lesuisse, Revolut director of crypto Emil Urmanshin and Bold VP of growth Pavel Karagjaur.

The fintech, which it says is using blockchain technology to redefine international payments — making them “faster, more affordable and universally accessible” — was co-founded by CEO Robert Sargsian and chief technology officer Alex Popov.

Sargsian was previously at Revolut working on crypto and special projects, and at Bolt working on product strategy before that.

“The current global financial system, especially in emerging markets, is riddled with inefficiencies,” Sargsian said.

“Accepting payments from overseas, paying to 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.”

Based in London, the co-founders are joined by a global team spanning New York, Munich, Sofia, Lagos and Mexico City, with experience from Revolut, Uber, Binance and Bolt.

The startup was established last year and is set to launch this month, focusing on “key corridors connecting the US, Europe, UK and Sub-Saharan Africa”, with Latin America and Asia-Pacific scheduled for the first quarter of 2024.

Setting itself apart from other providers, Due has a non-custodial platform built on top of decentralised networks, giving clients full control of, and access to, their assets.

“We want to be a driving force in bringing more businesses and individuals on-chain,” Sargsian added. 

“Our vision is a future where money is truly global, permissionless and inclusive.”