Crypto Onramping Platform Fun Raises $72 Million Series A Led by Multicoin Capital

Crypto onramping platform Fun raised $72 million in Series A funding co-led by Multicoin Capital and SignalFire, announced Friday, to expand into Asia-Pacific with a new Singapore office and pursue acquisitions. Founded in 2022 by CEO Alex Fine, Fun provides backend infrastructure powering deposits, withdrawals, and settlement flows for major platforms including Polymarket, Lighter, and Aave, processing over $18 billion in transactions annually across 100+ countries. The funding follows a previously unannounced $3.9 million seed round in 2022 and positions Fun against competitors like MoonPay, Ramp Network, and Transak in the onramping space. The investment highlights continued investor interest in crypto infrastructure and financial services despite an overall downtrend in crypto-related VC deals.

Fun's $72 Million Series A Funding Round

• ▪Fun's Series A funding will support potential acquisitions
• ▪Fun raised a previously unannounced $3.9 million seed round in 2022
• ▪Fun's $72 million Series A funding round was co-led by Multicoin Capital and SignalFire
• ▪Crypto onramping solution Fun raised a $72 million Series A funding round
• ▪Fun's Series A funding will support a push into the Asia-Pacific region with a new Singapore office
• ▪Fun's Series A funding announcement was made on Friday

Fun's Business Model and Market Position

• ▪Fun powers the deposits, withdrawals, and settlement flows of lending protocol Aave
• ▪Fun processes over $18 billion in transactions annually
• ▪Fun competes with backend onramping solutions including MoonPay, Ramp Network, and Transak
• ▪Fun powers the deposits, withdrawals, and settlement flows of decentralized perps DEX Lighter
• ▪Fun powers the deposits, withdrawals, and settlement flows of prediction market Polymarket
• ▪Fun provides background infrastructure to move value across blockchain rails

Crypto Infrastructure Investment Trends

• ▪Infrastructure remains a popular category for crypto investments
• ▪Crypto financial services remain a popular category for investments
• ▪The number of crypto-related VC deals has been on a downtrend according to The Block's data

Perspective of Fun CEO Alex Fine

• ▪Fun's expansion into the Asia-Pacific region represents a strategic growth priority for the company
• ▪Fun CEO Alex Fine characterizes Fun's infrastructure as enabling value movement across blockchain rails

Perspective of Multicoin Capital and SignalFire

• ▪Multicoin Capital and SignalFire's investment in Fun reflects continued investor appetite for crypto infrastructure despite broader VC deal downtrends
• ▪The $72 million Series A investment in Fun represents significant capital deployment in crypto onramping infrastructure

Perspective of Fun's customers (Polymarket, Lighter, Aave)

• ▪Polymarket depends on Fun's infrastructure to process user deposits and withdrawals for its prediction market platform