Fiat Republic secures $7 million funding to expand banking-as-a-service platform
Fiat Republic, a London-based banking-as-a-service (BaaS) platform provider, has recently secured $7 million in Seed extension funding. The funding round saw participation from notable investors such as Kraken Ventures, Fabric Ventures, Arca, and Inovo.vc, in addition to existing investors Speedinvest, Credo Ventures, and Seedcamp. The injection of funds will be utilized by the company to expand its team, strengthen its banking partnerships, and explore new markets.
Under the leadership of CEO Adam Bialy, Fiat Republic's primary focus lies in developing a regulated banking and payments API that facilitates the collection of fiat money from users of crypto companies.
This API enables customers to seamlessly purchase and sell cryptocurrencies while also providing the ability to withdraw funds. The company has recently acquired a full electronic money institution (EMI) license from De Nederlandsche Bank (DNB), granting it the authority to offer regulated financial services across the European Economic Area. Additionally, Fiat Republic has been operating under an EMI license in the UK for over a year.
Thanks to its new Dutch license, the Fiat Republic platform will be able to provide payment services and issue e-money to EEA crypto platforms through its user-friendly, purpose-built API. This development signifies the company's intent to expand its operations and cater to a wider range of customers in the European market. Through its innovative solutions and strong financial backing, Fiat Republic is poised to contribute to the growth and development of the crypto industry in Europe.
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