Crypto Pays firm Fun has raised $72 million in Series A from Multicoin and SignalFire

Crypto-native payment rails have struggled to maintain scale. It's a fun bet that he made the repairs.

The startup announced Friday that it raised $72 million in Series A funding led by Multicoin Capital and SignalFire.

In the year Founded in 2022 and previously in private, Fun serves as the sole deposit provider for valuation market Polymarket and handles payment flows for Liter and Awe. The project generates more than $18 billion a year for millions of users around the world.

Fun is still targeting technology barriers that shape how value moves, Fun co-founder and CEO Alex Finn said in a statement.

“The infrastructure for moving money hasn't stopped how the world actually works. We're building a system where value can move quickly, globally and without friction,” said Fine.

As Polymarket operates, payment infrastructure becomes mission-critical, where small inefficiencies can have significant user and revenue impacts. Josh Stevens, VP of Engineering at Polymarket, noted that after conducting an extensive review of major payment providers, Fun operates in a different category.

“They work as an extension of our team, building on real user behavior and catching other issues that might otherwise be missed. They're meticulous about every detail,” Stevens explained.

According to Kyle Samani, a partner at Multicoin Capital Management, Crypto won't really work until money can move seamlessly between traditional systems and the blockchain.

“We are very happy. Only once in the history of Multicoin have we led two rounds in one company in less than six months. And one example is fun. The team has probably grown 20 or 30x in that time. Transaction and payment volumes have increased dramatically,” emphasized Samani.

The system previously served two different ends of the market, he said. On the one hand, there are retail users in regions like India, Korea, and the US, who access consumer crypto applications, and on the other, there are institutional participants, such as market makers, who operate large capital flows with low latency requirements.

The new capital will be used to expand engineering capabilities, expand operations in Asia-Pacific through a new Singapore presence and pursue select acquisitions. Fun aims to streamline the global movement of funds for high-performance digital platforms, where even modest improvements in conversion rates have a greater financial impact.