Due Network, a next-gen fintech startup, has announced their plans to launch their global payments platform in Nigeria. The solution offers borderless multi-currency accounts, enabling seamless international money movement for businesses and individuals alike.
Due provides 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 NGN via NIP to pay their vendor in Europe, who then can receive the payment in EUR via SEPA — instantly, at near-zero costs and with a few clicks from a single interface.
“The global payments ecosystem is riddled with inefficiencies,” explained CEO and Co-Founder Robert Sargsian. “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, Due enables their 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. 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 themselves – can access the client funds in any way, providing the account holders with direct and unobstructed access without any restrictions or dependencies.
The company is headquartered in London, UK, and 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.”
Established in 2022, Due is a London-based fintech startup with a vision to reshape international payments through stablecoins and blockchain technology. The company provides multi-currency accounts, global transfers/remittances and merchant acquiring for businesses and individuals.
Due built its platform on top of decentralised networks to enable accessible, fast, and cheap international money movements. The platform is non-custodial, enabling clients to have full control of, and direct access to, their assets without the involvement of intermediaries.