Due Raises $3.3 Million for Blockchain-Powered Payments

International payments startup, Due, has successfully raised $3.3 million in seed funding. The round saw contributions from several venture capital firms, including Semantic and Fabric Ventures, BlockTower, Speedinvest, Polymorphic Capital, and Discovery Ventures.

Aiming to Revolutionize Cross-Border Payments

London-based Due is part of a growing number of fintech companies dedicated to making cross-border payments faster, cheaper, and simpler. The company is developing a platform that connects domestic payment systems through open and interoperable blockchain protocols.

The web platform allows customers to create borderless accounts and conduct payments across more than 50 markets, using their preferred local methods. Leveraging Ethereum and its scaling solutions, Due aims to provide underserved and emerging markets with consistent access to global liquidity. The platform aims to significantly reduce transaction costs and settlement times.

Non-Custodial Accounts and Future Plans

One distinguishing feature of Due’s platform is the offer of fully non-custodial accounts. This means that clients maintain full control over their assets on decentralized networks.

The platform is slated for launch this month, with a focus on key corridors connecting the US, Europe, UK, and Sub-Saharan Africa. Expansion plans into Latin America and Asia-Pacific are scheduled for early next year.

Challenging the Current Global Financial System

Robert Sargsian, former Revolut and Bolt worker and current CEO of Due, stated that the current global financial system, especially in emerging markets, is plagued by inefficiencies. He emphasized that the process of accepting payments from overseas, paying international vendors, or moving funds between accounts in different countries is expensive, slow, and hard to access. He affirmed that Due is prepared to challenge and change these issues.