Due, a London-based payments startup founded by an alum of Revolut and Bolt, has secured $3.3m (£2.7m) in funding.
Robert Sargsian, who previously worked in the revenue and crypto departments of Revolut as well as the product strategy of Bolt, 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 an industry projected by EY to be worth $200tn by 2027 and Due is looking to make its mark on the space.
A vital industry to many, international payments have long been bogged down by inefficiencies in traditional financial frameworks, and while tech firms like Wise have disrupted the market, Sargsian claims there is a lot more left to be done.
“The current global financial system, especially in emerging markets, is riddled with inefficiencies,” Sargsian said.
“Accepting payments from overseas, paying to international vendors, or even moving funds between accounts in different countries is expensive, slow and hard to access. We’re here to challenge and change that.”
Due is attempting to build a platform that connects payment rails via interoperable blockchain protocols. The Due platform is being built on Ethereum with the goal of providing underserved and emerging markets with quick access to liquidity.
The platform is set to launch this month and will focus on connecting the US, Europe, 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 their real-world application of crypto and stablecoins, which covers more than pure crypto-native markets and speculation,” said BlockTower VC partner Thomas Klocanas.
“We want to be a driving force in bringing more businesses and individuals on-chain,” shared Sargsian, “our vision is a future where money is truly global, permissionless, and inclusive.”