Startup Europe. Grown up reporting
Fintech/Cryptocurrency/News/
By Amy O'Brien 6 June 2022
Fintech
By Katja Staple 12 May 2022
Fintech/Cryptocurrency/News/
By Amy O'Brien 6 June 2022
Amsterdam-based crypto payments infrastructure startup Fung has raised $2.7m in a pre-seed funding round co-led by by Global Founders Capital, Kingsway Capital, Kindred Capital and Karatage.
Fung is setting up the infrastructure to enable ecommerce merchants to accept crypto payments, handling the behind-the-scenes “payment rails” to convert digital assets into fiat money, as well as the compliance issues related to these transactions. To begin with, the company is targeting ecommerce SMEs.
Fung says it’s “on a path” to becoming fully regulated by the Dutch Central Bank for both fiat and crypto — and seems pretty confident it will secure this status, as it’s already billing itself as “the first regulated payments platform unifying crypto and fiat payment rails”.
Taking on the likes of Stripe and MoonPay is no mean feat, and Ramp has been gaining considerable ground in Europe helping companies with crypto payments. But regulation is the golden ticket for these startups — it’s something everyone wants but no one’s got yet. If Fung does achieve this status in the Netherlands soon, this could give it an edge over competitors — and don’t underestimate the size of the SME ecommerce business market in Europe right now, either.
Amy O’Brien is Sifted’s fintech reporter. She coauthors Sifted’s fintech newsletter and tweets from @Amy_EOBrien.
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