Dutch startup Fung has raised $2.7 million in pre-seed funding for its mission of unifying crypto and fiat payment rails.
The round was co-led by Global Founders Capital, Kingsway Capital, Kindred Capital, and Karatage.
Fung is gunning to be the first regulated platform that unifies crypto and fiat payment rails in a bid to allow for better access to digital assets and payment services. The firm says it will offer technology to merchants to take crypto and fiat payment rails in a compliant manner, where they can meet their own mandatory KYC/AML obligations.
Initially it will target e-commerce companies who want to accept fiat and crypto payments at checkout, as well as configurable payouts. To facilitate payouts in fiat currencies, Fung will provide merchants with Ibans.
Lorenzo Franzi, partner at GFC, says: "Fung is addressing an issue in e-commerce payment systems that is essential to support the sustainable evolution to digital assets transactions. Compliance is not an option anymore for payment providers to ensure the safety of their clients and the customers.
"With this investment, Fung will set up reliable infrastructure to support crypto and fiat payments. We’re eagerly looking forward to how Fung is revamping the future of digital payments."