Almost two years on from its seed funding spherical, Fiat Republic has added one other $7m to its coffers to assist carry cryptocurrency and conventional banking collectively.
The extension spherical contains buyers Speedinvest, Credo Ventures and Seedcamp who all backed the Banking-as-a-Service (BaaS) platform in its preliminary $3.5m increase in February 2022.
Kraken Ventures, Cloth Ventures, Arca, Inovo.vc and Pretiosum Ventures invested for the primary time.
Fiat Republic’s platform simplifies the method of crypto platforms connecting with world and native financial institution switch networks, by way of a single API integration serving to bridge the hole between web3 and conventional banks.
The corporate has additionally secured its Digital Cash Establishment (EMI) licence from De Nederlandsche Financial institution (DNB). It already has an EMI licence within the UK the place it has been operational for over a yr.
“With our newly acquired Dutch EMI licence, Fiat Republic will now function throughout all the European Union straight, offering e-money and fee providers,” Adam Bialy, CEO and co-founder of Fiat Republic, mentioned.
“Passporting from the respected and credible jurisdiction of the Netherlands not solely boosts our legitimacy within the conventional finance world, but additionally highlights our dedication to excessive compliance requirements, safety, and shut collaboration with regulators,” he added.
This Dutch licence allows the Fiat Republic platform to offer fee providers and problem e-money to EEA crypto platforms, by way of its purpose-built, developer-friendly API.
With a powerful concentrate on AML, compliance and safety, Fiat Republic has a imaginative and prescient to extra intently align conventional finance with crypto suppliers.
