Due Raises $3.3 Million to Expand Global Payments Efficiency Infrastructure
Due, the London-based payment startup has closed a $3.3 million seed investment round, led by Semantic and Fabric Ventures. The company has set its eyes on transforming the international payments market by facilitating international transactions using non-custodial accounts. The company says that it will channel the recently acquired funds toward advancing its technology and increasing its connectivity to countries that use fiat currencies.
Building a transformative payments infrastructure
Due was founded in 2022, and it has embarked on developing a platform that links domestic payment rails built on using open and interoperable blockchain protocols. This aligns with its mission to revolutionise international money transfers by making them faster, cheaper and available to everyone. Through Due’s web platform, users in more than 50 countries can set up local payment options for sending and receiving money.
The company is building on Ethereum and its many scaling solutions like Arbitrum, Base, and Optimism. It is leveraging the efficiency of these platforms to provide emerging markets with unfettered access to global liquidity while reducing transaction costs and accelerating settlement times.
Because it offers its payments solutions using non-custodial accounts, Due stands out among its peers. This entails operating on decentralised networks, enabling clients to retain full control of their assets and have unfettered, direct access to their funds at all times. The company will launch its services this month, creating avenues for payments linking the U.S., Europe, the United Kingdom, and sub-Saharan Africa. Furthermore, it will venture into Latin America and Asia Pacific in the first quarter of next year.
The global digital assets market is currently on a rebound, following a prolonged period of underperformance. With the market leader BTC crossing the evasive $35k price territory, we are likely to witness more inflows from venture capitalists and angels. For Due, this announcement comes at an opportune time to leverage renewed market vigour in favour of crypto.