UK-based Fiat Republic secures $7M from Poland’s Inovo VC

London-based Web3 enabler Fiat Republic has secured $7 million worth of investments to bridge gap between crypto and traditional banks. The seed round was joined by Poland’s Inovo VC, Kraken Ventures, Fabric Ventures, Arca, and Pretiosum Ventures.

• Fiat Republic was founded in 2021 by experts in fintech and banking, Adam Bialy, Martyna Lewinska, and Sophie Guibaud. The company develops a Banking-as-a-Service platform that lets crypto platforms easily embed and automate fiat flows for their end-users and their internal treasury teams.

“It’s great to back the best team in the Fintech/Web3 space, that wants to solve this problem. Why it matters? They provide what the Web3 industry needs, the entire layer of compliance, AML and security with access to multiple currencies, local payment rails and FX all via a single API. They reduce the risks and hassle related to using digital currencies including scams,”

Karol Lasota, Principal at Inovo VC, comments.

• The seed extension round saw first-time investments from the Polish venture capital firm Inovo VC, along with Kraken Ventures, Fabric Ventures, Arca, and Pretiosum Ventures.
• The new investors joined the cohort of existing investors like the Austrian venture capital fund Speedinvest, the Czech venture capital company Credo Ventures, and Seedcamp.

Fiat Republic will use the funds to fuel its growth and expansion in the key initiatives including strategic hires, strengthening banking partnerships, and expanding to new territories. The company also plans to improve the accessibility of the services on its platform.