The startup Seismic has raised $10 million in a new funding round to improve the security of customer data in the financial technology sector.
This is reported by Finway
Seismic Partnerships and Investors
The round was led by the venture fund a16z crypto, joined by notable players such as Polychain, Amber Group, TrueBridge, dao5, and LayerZero. The total amount of investments raised by Seismic has now reached $17 million.
The company’s founder, Lyron Ko Ting Keh, did not disclose the current market valuation of the startup but noted that the main goal of the team is to create a robust infrastructure solution for fintech companies that prioritize the protection of their customers’ personal data.
The company aims to become the infrastructure solution for fintech companies that care about user data security.
Technological Solutions and Development Plans
Among Seismic’s strategic partners is Brookwell, which provides users with the ability to transact in stablecoins. To achieve this, transactions are processed through Seismic’s private blockchain, minimizing the risks of data leakage or public disclosure. Additionally, Seismic collaborates with the lending platform Cred and another firm specializing in international money transfers.
The investment is planned to be used to expand the service offerings: launching new channels for fiat and cryptocurrency deposits and withdrawals, as well as developing card payment solutions. Furthermore, the company is preparing to introduce innovative financial products for its clients.
At the time of the announcement, the company was not yet profitable, but it plans to begin monetization in the first quarter of next year by implementing a fee of one cent per transaction.