Fiat Republic secures £2.6m in seed funding from Speedinvest, Seedcamp and Credo to develop its banking API.
Speedinvest, Seedcamp and Credo backed the seed round, which will fund team expansion and regulatory approvals.
Fiat Republic operates a specialist banking as a service platform designed to connect traditional financial institutions with web3 infrastructure. The firm provides multi currency accounts and payment rails through a developer friendly application programming interface.
Fiat Republic has secured £2.6m in seed funding from a group of European technology investors. The round was backed by Speedinvest, Seedcamp and Credo, and coincides with the launch of the company private beta.
The London based business is developing a compliance led API to help cryptocurrency platforms access traditional banking services and payment networks more efficiently. The fresh capital will be directed towards team expansion and securing regulatory approval in both the UK and the European Union.
From the founder
"The crypto industry as a whole is still in its infancy. We believe that by bringing crypto platforms into a single body under the Fiat Republic Consortium, we can increase our collective standing with regulators and enhance our leverage with big banks, who, until now, have dictated the terms of access to fiat based on harsh internal risk policies, often conceived mainly out of fear of the unknown. By creating an API that facilitates seamless data exchange between both traditional and crypto players, we believe we can foster transparency and better understanding between both sides, which in the future will benefit the whole."
Adam Bialy
CEO and co-founder at Fiat Republic
Investor perspective
"Crypto has clearly reached the point of no return, going far beyond early adopters and enthusiasts to the masses. Despite this shift, crypto companies are still unfairly cut off from traditional banking because the banks lack a unified compliant layer of connectivity which would decrease their risks of entry. With more and more crypto companies and DeFi applications emerging and mass adoption rates on the rise, the need for a compliant fiat connectivity layer is a must. The Fiat Republic team is pioneering this connectivity by merging their exceptionally deep knowledge of both worlds. We’re proud to be early supporters."
Olga Shikhantsova
Partner, Speedinvest
Use of funds
- 01Grow the team
- 02Expand into international markets
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About the company
Fiat Republic
Fiat Republic provides banking as a service infrastructure connecting traditional finance with web3 platforms.