Fiat Republic raises $7 million in a seed funding extension round
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A BaaS startup known as Fiat Republic recently concluded a seed funding extension round after raising a total of $7 million. The company, whose goal is to simplify the process of connecting crypto platforms with bank transfer networks, now intends to use the funds to continue its work on bridging the gap between traditional banking and Web3.
The round saw the participation of several existing investors, including Seedcamp, Seedinvest, and Credo Ventures. Apart from them, the round also saw the participation of several new investors, including Arca, Fabric Ventures, Inovo.vc, and Kraken Ventures. Previously, Fiat Republic managed to secure $3.5 million in financing in 2022.
Fiat Republic to continue its work on bridgung fiat and Web3 space
Fiat Republic is a startup that offers a single API integration, alongside a single compliance touchpoint. Through its service, it provides cryptocurrency platforms with access to traditional transaction banking services. This approach considerably reduces the time and costs required for processing fiat currencies.
Additionally, the firm is also working on establishing a coalition of cryptocurrency platforms in order to transform the perception of digital currencies in traditional financial circles. The idea is to focus them on seeking partnerships instead of conflict.
Along the way, Fiat Republic also received a full electronic money institution license by De Nederlandsche Bank. This allowed it to officially become a provider of regulated financial services in the entire European Economic Area (EEA). Before that, the startup also received the UK’s EMI license.
Fiat Republic can start operating across the EU
Commenting on the company’s success so far, its chief executive officer, Adam Baily, stated that the newly acquired Dutch EMI license will allow Fiat Republic to start operating across the entire European Union, directly.
With that said, the company will be able to provide payment and e-money services across the EU. The firm’s CEO also noted that passporting from the reputable and credible jurisdiction of the Netherlands will not only boost the firm’s legitimacy in the traditional finance world, but also highlight its commitment to high compliance standards, security, and close collaboration with regulators.
Bialy added that this move, to him, also signals that the Netherlands is now open for business ahead of the upcoming MiCA regulation.
As for the $7 million that the company managed to raise, Bialy said that the investment reflects the confidence that investors place in Fiat Republic, as well as its vision and trajectory as the market leader in the current Web 2.5 space.
