Money Moves: Legends of Learning and DC Web3 startup Fonbnk landed seed rounds
/Web3 company Fonbnk landed $3.5 million
Fonbnk, a DC-based Web3 company and alum of Techstars‘ 2021 acceleratorwith Western Union, just closed an oversubscribed funding round of $3.5 million.
Fonbnk, which describes itself in a statement as a “mission-led crypto Web3 company,” works with “unbanked and underbanked users” by offering digital money through prepaid airtime in markets across Africa, Latin America and Southeast Asia. The decentralized finance (or DeFi) platform lets users convert prepaid credits into digital money, which they can spend anywhere. Its app gives users access to cryptocurrencies such as Bitcoin and Ethereum, nonfungible tokens, and play-to-earn crypto games, as well as other services like prepaid Mastercard and Visa credit cards.