US payment infrastructure company Fun has raised $72m in a series A funding round co-led by Multicoin Capital and SignalFire.
The newly raised capital will go towards further engineering work, the launch of a Singapore office to support growth in the Asia-Pacific region, and a targeted acquisition strategy intended to strengthen the company’s infrastructure offering.
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The business was founded in 2022 and had remained in stealth while developing its own technology.
It says this work has enabled it to build the underlying payments systems used by platforms operating across international markets.
At present, Fun manages deposit, withdrawal and settlement activity for customers such as Polymarket, Lighter and Aave.
In these areas, the efficiency of payment systems can have a direct effect on customer usage and broader platform development.
Fun says it processes more than $18bn in transactions each year and caters to millions of users in upwards of 100 countries.
The company describes its team as intentionally lean and centred on engineering and says it has created a single payments layer for global money-focused applications.
According to the company, increasing demand from fintech businesses, trading venues and digital asset platforms is driving its expansion, as it seeks to provide the infrastructure required to handle the complexity of money movement while clients concentrate on their main products.
Fun founder and CEO Alex Fine said: “Fun is focused on a simple but foundational problem: removing the technological barrier of value exchange. The infrastructure for moving money has not kept up with how the world actually works. We are building a system where value moves instantly, globally, and without friction.
“Financial markets have driven global prosperity for decades, but the systems behind them have not kept pace. They were built for a slower, more fragmented world. Different rails, different currencies, different systems that do not interoperate. That fragmentation shows up as friction, which is the enemy of conversion. Fun has solved that problem.”
