Fetcch, a Web3 payments and digital rewards infrastructure platform, has successfully raised USD 1.5 million in pre-seed funding to accelerate the adoption of its innovative payment solutions. The funding round was led by AppWorks Venture and Hashkey Capital, along with participation from LD Capital, Compute Ventures, M6 and GravityX Capital, NGC.
Fetcch aims to provide a seamless infrastructure for digital payments and rewards, specifically within the Web3 payments ecosystem. The startup has already integrated with 23+ wallets, processing daily transaction volumes of up to USD 35,000 through its platform. With the fresh capital, Fetcch plans to focus on product development and expand further within the Web3 sector, while also catering to Web2.5 use cases.
Co-founded in May 2023 by Mandar Dange and Satyam Kulkarni, Fetcch is committed to leveraging the power of blockchain technology to enable real-time settlements for users. The platform’s enterprise product, Deposit Guardrails, offers secure and easy deposit functions for institutional platforms such as Over the Counter Market (OTCs), market makers, and exchanges.
One of Fetcch’s key contributions to the Web3 ecosystem is the introduction of unified identity, which simplifies cross-chain, peer-to-peer (P2P), and business-to-consumer (B2C) payments. By integrating with cross-chain solutions like LayerZero, Axelar, Wormhole, CCTP from Circle, and CCIP from Chainlink, Fetcch effectively manages backend settlements, eliminating the complexities associated with cross-chain interactions.
Fetcch is also spearheading the concept of pull payments in Web3, allowing for convenient recurring payments without the need for the payer’s initiation. The platform is building a network of wallets, decentralized applications (DApps), merchants, and identities to revolutionize the Web3 ecosystem and cater to Web2 businesses.
The global Web3 market was valued at USD 2.25 billion in 2023 and is expected to grow at a CAGR of 47.1% from 2023 to 2030, reaching an estimated USD 33.53 billion by 2030, according to Grand View Research. Similarly, the Web3 payments market is projected to reach USD 32.4 billion by 2032, with a CAGR of 69.4% from 2023 to 2032, according to Market Research Future.
Fetcch’s innovative approach comes at a crucial time, as cross-chain transactions in the Web3 space have been vulnerable to security breaches, resulting in significant financial losses. In 2022 alone, cross-chain bridge security incidents accounted for approximately USD 1.89 billion in losses, the highest within the Web3 ecosystem. Fetcch addresses these security concerns with its Web3 payments stack, which enables users to securely request cryptocurrency transfers using unified identities and secure links.
Commenting on the recent funding round, Mandar Denge, CEO and Co-founder of Fetcch, expressed excitement about the opportunity to bridge gaps within the payments and loyalty rewards ecosystem. Denge highlighted Fetcch’s commitment to empowering individuals and businesses to engage in seamless and secure transactions on the blockchain.
Investing partner Stanley Wu from Hashkey Capital praised Fetcch’s execution capabilities and progress in product development and customer integration. He emphasized the importance of improving crypto payment products and creating a user experience conducive to mass adoption.
Bill Hsu, Investing Partner at AppWorks Venture, commended Fetcch’s position at the forefront of Web3 payments innovation. He conveyed enthusiasm about supporting Fetcch’s journey in reshaping the digital payment industry.
With its successful pre-seed funding round, Fetcch is well-positioned to drive the adoption of its Web3 payments and rewards infrastructure. By simplifying cross-chain payments, enhancing security measures, and providing a user-friendly experience, Fetcch aims to make a significant impact in the evolving blockchain landscape.
