Seismic, a financial technology startup, has successfully completed a funding round, raising $10 million to enhance the protection of customer data in the fintech sector.
This is reported by Business • Media
Investors and Strategic Partners of the Startup
The main investor in this new round was the venture capital firm a16z crypto. Other notable market participants such as Polychain, Amber Group, TrueBridge, dao5, and LayerZero also joined the funding. The total amount of investments received by Seismic has now reached $17 million.
“The company aims to become an infrastructure solution for fintech companies that care about user data security,” shared the project’s founder, Lyron Ko Ting Keh.
It is known that Seismic is actively collaborating with Brookwell—a company that provides clients with calculations in stablecoins. All transactions at Brookwell are conducted through Seismic’s private blockchain, ensuring the avoidance of leaks or public disclosure of user data. Among the startup’s partners are the private lending platform Cred and another unnamed entity specializing in international money transfers.
Seismic’s Development and Monetization Plans
The startup plans to invest the raised funds in expanding its range of services. In particular, the company is preparing to launch fiat and cryptocurrency deposit and withdrawal channels, as well as to implement payment card programs for fintech clients.
At the time of the announcement, Seismic was not yet profitable; however, it expects to begin generating revenue in the first quarter of next year. Monetization is anticipated to occur through a fee of one cent for each transaction.
It is worth noting that previously, one decentralized exchange, Lighter, raised $68 million in investments at a valuation of $1.5 billion.