Blockchain-based international payments startup Due has raised $3.3 million in seed funding.
In brief:
-The round was led by Semantic and Fabric Ventures, with participation from BlockTower, Speedinvest, Polymorphic Capital, Discovery Ventures and a host of angels.
-London-based Due is bidding to make cross-border payments faster, cheaper and simpler.
-The platform is set to launch this month, focused on key corridors connecting the US, Europe, UK and Sub-Saharan Africa, with expansion into Latin America and Asia-Pacific scheduled for early next year.
What does this mean?
Former Revolut and Bolt staffer Robert Sargsian, now Due CEO, says: “The current global financial system, especially in emerging markets, is riddled with inefficiencies. Accepting payments from overseas, paying to international vendors, or even moving funds between accounts in different countries is expensive, slow and hard to access.
