Merge, a UK-based Web 3.0 startup co-founded by a former Paypal and Barclays' executive, has raised $9.5 million in a seed round to develop an API-based fiat-to-crypto banking and payments platform.
The round was led by Octopus Ventures and included Hashed, Coinbase Ventures, Alameda Research and Ethereal Ventures, alongside angel investors which included some of the biggest names in both crypto and traditional finance; the founder of Aave, co-founder of Polygon, CEO of Ledger, and former CEO of Barclays Consumer Banking, amongst other prominent investors.
Merge is aiming to fill the gap left by traditional financial institutions in servicing crypto-native business.
Founded by Kebbie Sebastian, who led led PayPal’s financial products business in the UK, alongside former Coinbase and Luno executives, Merge says it will provide a seamless way for crypto and web3 companies to hold and transfer fiat funds, convert between fiat and crypto as well as manage compliance, all within a simple to integrate API.
Zihao Xu, investor at Octopus Ventures comments: “Merge’s vision is to build the infrastructure necessary to allow crypto businesses to operate without fear of shutdown by regulators or third-party risk teams. We’re excited to back them as they build that and, ultimately, unleash even more innovation in crypto and defi.”