Infrastructure startup Merge raises $9.5 million

The infrastructure startup Merge has closed a seed funding round of $9.5 million. It was led by Octopus Ventures with participation from Hashed, Coinbase Ventures, Ethereal Ventures and Alameda Research.

Merge is happy to announce that we’ve raised $9.5mn in #seedfunding to build our #API-first platform that powers #banking and #payments for the #cryptoeconomy. A #financialinfrastructure that is going to be a game-changer for #web3 and #crypto businesses.https://t.co/aPH4o8sq7W

— Merge (@merge_now) May 30, 2022

Founded by former PayPal top executive Kebby Sebastian, the firm offers Web3 companies access to banking services, payments, risk management and regulatory compliance through an API.

The company’s solutions enable it to collect and hold funds for itself and its clients, as well as to convert cryptocurrencies into fiat money and vice versa, while complying with regulatory requirements.

Merge addresses the problems of crypto exchanges, wallets and DeFi protocols that are being refused service by many traditional financial institutions.

According to The Block, the funds will be used by the UK-based startup to expand into other regions and obtain new licenses.

In May, the cryptocurrency-focused payments startup BVNK attracted $40 million at a $340 million valuation.

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