Crypto payment startup FLUUS raises $600,000 in Pre-Seed funding ahead of its beta launch
Crypto payment startup FLUUS has closed a $600,000 pre-seed round to further develop these products and roll out FLUUS’ services, bringing crypto-fiat payments to a global audience. The round, which comes ahead of its beta launch, was backed by FHS Capital, Base64 Ventures, and a number of angel investors.
Founded just a year ago, FLUUS is creating a fiat-crypto on- and off-ramp that will give consumers access to web3 services including token swapping and staking. Its best-in-class payment solution is designed to eliminate friction and simplify the process of entering and exiting the crypto economy.
“We are excited to have the support of FHS Capital and Base64 Ventures, two highly reputable investment firms,” said Tey El-Rjula, co-founder and CEO of FLUUS. “Their experience and resources will be invaluable as we continue to grow and scale our business to provide financial technology solutions to onboard the next billion into web3.”
Dr. Fady and Mr. Hesham Hannah-Shmouni, Managing Partners at FHS Capital, said: “Our investment in FLUUS fits perfectly with our vision for empowering exceptional founders and technologies in the web3 space, enabling customers and partners across key industry verticals to benefit from using blockchain technology.”
More than $1 million in cryptocurrency has already been successfully off-ramped in a private trial of FLUUS’ payment gateway. Funds were used to provide aid in Ukraine with the support of an international NGO. The next development phase will see the beta version of FLUUS’ payment solution opened to a broader market segment.
A number of major partnerships are already in place that will see FLUUS’ payment solution rolled out to millions of web users. These include the matchmaking platform Dua.com and the GD10 Ventures ecosystem. The FLUUS payment widget can be easily embedded into third-party websites and applications, providing crypto-fiat changing on demand.
FLUUS’ consumer-facing payment solution combines the functionality of web3 with the UX synonymous with web2. This provides a user-friendly experience that eliminates the complexity traditionally associated with buying and selling digital assets.
The native FLUUS token delivers fee reductions for businesses that integrate the payment solution into their products and services and participate in staking. Retail users, meanwhile, can earn yield in return for supplying liquidity to FLUUS liquidity pools and staking the FLUUS token.
At present, FLUUS features flagship products FLUUS Pay is a regulated and compliant crypto ramping service delivered in collaboration with fintech operators and money transfer networks. Its other product FLUUS Auth is an SDK that allows developers to easily integrate secure and user-friendly sign-up and web3 onboarding into their own applications.
FLUUS was founded in March 2022 with the goal of building solutions that will enhance global access to web3, particularly in emerging markets. All of the company’s co-founders hail from the MENA region and, from their own experiences, are aware that crypto plays an essential role in the daily lives of citizens in developing countries.
FLUUS is on a mission to make cryptocurrency globally accessible. Its crypto on- and off-ramp makes it easier for web3 users to acquire and liquidate digital assets. Developers, meanwhile, can integrate FLUUS’ payment widget into their applications, delivering crypto conversion on demand.