Crypto-fiat payments startup Fun raises $72M Series A led by Multicoin Capital and SignalFire

Fun, a startup that builds deposit and withdrawal infrastructure letting users move between crypto and fiat currencies on platforms like Polymarket, has raised $72M in a Series A round led by Multicoin Capital and SignalFire that closed in late January. Founded in 2022 by 26-year-old Stanford dropout Alex Fine, Fun processes more than $18B in yearly payments volume and has built deposit infrastructure for Polymarket, crypto derivatives platform Lighter, and lending app Aave, with more than 20 clients total and a staff of almost 30 employees that Fine plans to grow with the new capital. Multicoin general partner Spencer Applebaum told Fortune that “as fintechs and other neobanks around the world start to adopt tokens and stablecoins, I think Fun is actually pretty well-positioned to basically provide the same service that they provide to Polymarket and Lighter and Aave to those non-crypto native companies over time.”