Exclusive: Startup Fun raises $72 million for the serious business of converting crypto and cash
Startup Fun, founded by Alex Fine, has raised $72 million in a Series A round led by Multicoin Capital and SignalFire to expand its platform for seamless conversion between crypto and fiat currencies. The company, which processes over $18 billion in annual payment volume, partners with tech firms like Polymarket, Lighter, and Aave to enable direct deposit and withdrawal infrastructure without relying on traditional banks or exchanges. Fine aims to position Fun as the primary gateway for the emerging digital asset economy by scaling its team and services to non-crypto-native fintechs.
- ▪Fun raised $72 million in a Series A round led by Multicoin Capital and SignalFire.
- ▪The startup processes over $18 billion in annual payment volume and has more than 20 clients.
- ▪Fun was founded in 2022 by Alex Fine, a Stanford dropout who previously raised a $3.9 million seed round.
- ▪The company provides infrastructure for platforms like Polymarket, Lighter, and Aave to handle crypto and fiat transactions.
- ▪Fine plans to use the funding to grow Fun’s team from nearly 30 employees.
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The finer details of back-end payment systems are enough to make most people’s eyes glaze over, even those in crypto. But Alex Fine, the founder and CEO of the startup Fun, finds in-the-weeds payment tasks to be just that, and his enthusiasm has paid off. On Friday, Fun announced that it has raised $72 million to work with buzzy tech firms like Polymarket to let users deposit and withdraw funds in crypto and fiat, like the U.S. dollar.Recommended Video The crypto investor Multicoin Capital and the tech venture firm SignalFire led the Series A fundraise, which closed in late January. Other investors included Infinity Ventures, Pharsalus Capital, and Tinder cofounder Justin Mateen. Fine declined to disclose at what valuation he raised the capital.
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