Fun, enterprise-grade payment infrastructure for modern capital markets, has raised $72M in Series A funding co-led by Multicoin Capital and SignalFire. The platform offers the highest converting rails to move money between crypto and fiat on blockchains, optimizing deposits, withdrawals, orchestration, and checkout for global fintechs. The capital will expand infrastructure, APAC presence via a Singapore office, engineering team, and pursue acquisitions.
Crypto Cards Hit $600M Monthly
The timing aligns with surging crypto card spending reaching $600M monthly, integrated with Visa and Mastercard networks. Stripe recently announced fiat-to-crypto onramp and offramp expansions at Sessions 2026. Fun's bespoke flows address the gap in high-scale, reliable on/off-ramps for apps like Polymarket. This positions Fun amid maturing infrastructure for mainstream crypto payments.
Legacy Rails Fail High-Volume Apps
Traditional payment systems break under the scale of prediction markets and DeFi platforms, where Polymarket processes 5M+ daily transactions. Fintechs and trading apps in 100+ countries struggle with fragmented fiat-crypto conversions, low success rates, and compliance hurdles. Fun powers $10B+ annual volume with >99.95% success rates and near-instant settlement for $1M trades. Clients like Lighter support 85B monthly trading volume through these optimized rails.
Bespoke Flows Outpace Standard Ramps
Fun provides deposit optimization for crypto and fiat from 100+ countries using 50+ methods, reliable instant withdrawals, orchestration across rails, and unified checkout for digital assets. Unlike generalist providers such as Ramp Network, MoonPay, or Transak, Fun engineers white-label flows for high-scale apps. This delivers native experiences with managed compliance, powering Polymarket's retention-critical payments.
As Alex Fine, CEO & Co-Founder, noted:
“If you have a money app, a finance app, how do you actually get the money in and out?”
Multicoin Leads Second Round Quickly
Multicoin Capital, with theses on crypto payments and stablecoins, co-led alongside SignalFire, following an unannounced $3.9M seed in 2022. Multicoin rarely leads two rounds in under six months, citing Fun's 20-30x revenue growth. SignalFire's fintech bets like Alchemy add data-driven support. Participants include Infinity Ventures, Pharsalus Capital, and Justin Mateen of Tinder fame. This syndicate signals conviction in Fun bridging fiat and crypto for neobanks.
Kyle Samani of Multicoin shared:
“Only once… have we led two rounds in <6 months… revenue 20 or 30x.”
Gateways Market Grows to $4.24B
The crypto payment gateways market stood at $1.2B in 2023 and projects growth to $4.24B by 2032 at 15% CAGR. Stablecoins enable real-time cross-border payments, while AI optimizes conversions. Fun differentiates in this landscape with enterprise-grade reliability for DeFi and gaming. Competitors focus on broad coverage, but Fun targets bespoke scalability.
CTO's DeFi Exit Fuels Momentum
Co-founder Mario Baxter, CTO, previously founded Stable Finance, acquired by Aave Labs in October 2025 to build consumer DeFi products. His Meta machine learning experience complements CEO Alex Fine's crypto quant fund background from Stanford. This tech-business duo, backed by crypto execs, drives Fun's 30+ engineers in crafting high-performance rails. The prior exit validates their ability to scale blockchain infrastructure.
Singapore Office Targets APAC Growth
Funds target engineering hires, a new Singapore office for APAC expansion, and strategic acquisitions. With 75 employees processing payments for millions across 100+ countries, Fun eyes neobanks and fintechs. Deployments with Polymarket and Aave position it for broader Web2-Web3 convergence.