Tech
Blockchain payments startup Due raises £2.7m
Due, a London-based payments startup founded by a Revolut and Bolt alum, has secured $3.3m (£2.7m) in funding.
Robert Sargsian, who previously worked in Revolut’s revenue and cryptocurrency departments, as well as Bolt’s product strategy, founded Due in 2022 by.
The borderless payments startup aims to bring stablecoins and blockchain technology to the global remittance space.
Cross-border payments are projected to be worth $200 trillion by 2027, according to EY, and Due is looking to make its mark in this industry.
As a vital sector for many, international payments have long been bogged down by the inefficiencies of traditional financial frameworks, and while tech companies like Wise have disrupted the market, Sargsian argues there is still more to do.
“The current global financial system, especially in emerging markets, is full of inefficiencies,” Sargsian said.
“Accepting payments from abroad, paying to international suppliers or even moving funds between accounts in different countries is expensive, slow and difficult to access. We are here to challenge and change this situation.”
Due is attempting to build a platform that connects payment rails via interoperable blockchain protocols. Platform Due was built on Ethereum with the goal of providing emerging and underserved markets with quick access to liquidity.
The platform is scheduled to launch this month and will focus on connecting the US, Europe, the UK and sub-Saharan Africa, with further expansions planned for Latin America and Asia-Pacific next year.
The funding round was led by Semantic and Fabric Ventures, with participation from BlockTower VC, Speedinvest, Polymorphic Capital and Discovery Ventures.
“Due stands out for its application in the real world of cryptocurrencies and stablecoins, which goes beyond simple crypto-native markets and speculation,” said Thomas Klocanas, partner at BlockTower VC.
“We want to be a driving force in bringing more companies and individuals on chain,” Sargsian shared, “Our vision is a future where money is truly global, permissionless and inclusive.”