Due Network, a next-gen fintech startup, has announced plans to launch its global payment platform in Nigeria. The solution offers borderless multi-currency accounts, enabling seamless international money movement for businesses and individuals alike.
Due currently provides over 50 markets with uninterrupted access to global liquidity by connecting various domestic payment rails around the world, while facilitating the transactions at much lower costs and significantly faster settlement times compared to existing methods. As an example, a company in Nigeria will be able to use naira currency via Nigeria Inter-Bank Settlement System instant payment platform to pay its vendor in Europe, who then can receive the payment in euro currency, instantly, at near-zero costs and with a few clicks from a single interface.
CEO and co-founder, Due Network, Robert Sargsian, in a press briefing on Tuesday, in Lagos, averred that “The global payments ecosystem is riddled with inefficiencies. Receiving funds from overseas, paying international vendors or even moving intracompany funds across countries is expensive, slow and hard to access. We are here to challenge and change that.”
Powered by open and interoperable decentralised ledger protocols, Sargsian said Due enables Nigerian clients to use Naira to add/hold digital US Dollars and Euros in their accounts, which can then be used to send/receive funds across Sub-Saharan Africa, the UK, EEA and the US, adding that, “Notably, all Due accounts are fully non-custodial, meaning the clients maintain complete control and custody over their funds on the platform. No intermediaries, not even Due can access the client funds in any way, thereby providing the account holders with direct and unobstructed access without any restrictions or dependencies.”
Headquartered in London, UK, Due Network recently announced its $3.3 million Seed round to further develop Due’s technology and expand its fiat currency connectivity to more markets. Due’s waitlist is now live with initial launch slated for later this month, focused on key corridors connecting Sub-Saharan Africa, the UK, EEA and the US, with expansion into Latin America (e.g. Mexico, Brazil) and Asia-Pacific (e.g. Hong Kong, Singapore) scheduled for Q1 2024. The company is also actively working to integrate digitised Real World Assets (e.g. tokenised US Treasuries) to provide more markets with wider access to yield-bearing assets.
Robert Sargsian and co-founder/CTO, Alex Popov, are joined by a global team spanning across London, Lagos, Munich, New York, Sofia and Mexico City. The team brings experience from renowned companies including Revolut, Uber, Binance and Bolt.
“We want to be a driving force in transforming how the global economy runs,” shared Sargsian. “Our vision is a future where money is truly global, permissionless and inclusive,” Sargsian affirmed.
