The intersection of traditional banking and the nascent Web3 space presents a unique, constantly evolving challenge.
While decentralization is important for the success of the new digital currency world, we still believe that traditional banking rails are necessary to onboard more companies in Web3:
Our responsibility is to integrate traditional banking services with the Web3 sector. While large enterprises adopt blockchain technology and cryptocurrency, smaller players in the Web3 space also need compliant banking solutions. These smaller entities often lack resources for extensive compliance departments, making their need for accessible, compliant banking solutions even more urgent.
Fiat Republic, a UK-based Banking-as-a-Service provider specifically catering to the needs of Web3 companies. We first met Fiat Republic's CEO, Adam Bialy, after an introduction from our partner network. At the first meeting, we were impressed by Adam's energy and vision. That was when we knew he was the right founder for us. With his extensive experience in the banking and payments industry, including senior roles at OpenPayd and Sainsbury, Adam deeply understands the complexities in this space. His vision, combined with the technical expertise of COO Sophie Guibaud and CTO Martyna Lewinska, has positioned Fiat Republic to tackle these challenges head-on.
Fiat Republic’s platform offers API connections to major banks and tailored compliance solutions for Web3 companies. Their product suite includes virtual IBANs and segregated bank accounts, providing safe and compliant on- and off-ramp services for crypto transactions.
Pretiosum Ventures is excited to partner with Adam and the Fiat Republic team. Our investment is based on the belief that Fiat Republic bridges traditional banking and Web3, democratizing access to compliant banking services for businesses in the Web3 domain.
As we embark on this journey with Fiat Republic, we are excited to witness the transformation they bring to the fintech and Web3 spaces.
We’re joining the latest $7m round alongside fellow existing investors Credo Ventures and Seedcamp and new investors from Kraken Ventures, Fabric Ventures, Arca, Inovo.vc and Speedinvest.