Due Network, a London-based global fintech company is targeting a share of the booming cross-border payments in Africa by opening its operations in Nigeria on Tuesday.
The company which describes itself as a next-gen fintech company said the solution it is bringing to the country 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. This means that a company in Nigeria will be able to use the local currency naira via NIP channel to pay their vendor in Europe, who then can receive the payment in euro via SEPA instantly, at near-zero costs and with a few clicks from a single interface.
“The global payments ecosystem is riddled with inefficiencies,” said Robert Sargsian, CEO and co-founder. “Receiving funds from overseas, paying international vendors or even moving intra-company funds across countries is expensive, slow and hard to access. We are here to challenge and change that.”
Due is powered by open and interoperable decentralised ledger protocols. Nigerian customers on Due are able to deposit naira to hold digital US dollars and euros in their accounts, which can then be used to send and receive funds across sub-Saharan Africa, the UK, EEA, and the US. accounts on Due are fully non-custodial, meaning the clients maintain complete control and custody over their funds on the platform. Customers’ funds cannot be accessed by intermediaries, including Due officials, providing the account holders with direct and unobstructed access without any restrictions or dependencies.
“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.”
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.
