Crypto-native payments rails have struggled to keep up with scale. Fun is betting that it’s built the fix.
The startup announced Friday that it raised $72 million in a Series A led by Multicoin Capital and SignalFire.
Founded in 2022 and previously in stealth, Fun serves as the sole deposit provider for the prediction market Polymarket and also handles payment flows for Lighter and Aave. The project processes over $18 billion a year for millions of users around the world.
Fun is targeting technological barriers that still shape how value moves, Alex Fine, Fun’s founder and CEO, said in a statement.
“The infrastructure for moving money has not kept up with how the world actually works. We are building a system where value moves instantly, globally, and without friction,” Fine said.
At the scale Polymarket operates, the payments infrastructure becomes mission-critical, where minor inefficiencies can result in substantial user and revenue impact. Josh Stevens, VP of Engineering at Polymarket, stated that after extensive evaluation of leading payments providers, Fun distinguished itself as operating in a different category.
“They operate like an extension of our team, building around real user behavior and catching edge cases others miss. They are meticulous about every detail,” Stevens explained.
Crypto doesn’t really work at scale unless money can move smoothly between traditional systems and blockchains, according to Kyle Samani, managing partner at Multicoin Capital.
“We got excited. Only once in the history of Multicoin have we led two rounds in the same company in less than six months. And that one example is Fun. The team has probably grown revenue 20 or 30x in that time. Transaction and payment volumes are up dramatically,” Samani emphasized.
The system has already served two distinct ends of the market, he noted. On one side are retail users in regions such as India, Korea, and the US accessing consumer crypto applications, and on the other are institutional participants such as market makers moving large capital flows with low latency requirements.
The fresh capital will be used to expand engineering capacity, scale operations in Asia-Pacific with a new Singapore presence, and pursue selective acquisitions. Fun aims to streamline global money movement for high-performance digital platforms where even small improvements in conversion rates have an outsized financial impact.