Business Wire India
- Reports Integration with 23+ wallets in the last 8 months; set to transform Web3 payments ecosystem
- Aims to be the go-to web3 payments stack
Fetcch, a Web3 payments and digital rewards infrastructure platform, announced that it has raised USD 1.5M in pre-seed funding, led by AppWorks Venture and Hashkey Capital with participation from LD Capital, Compute Ventures, M6 and GravityX Capital, NGC.
Fetcch provides a seamless infrastructure for digital payments and rewards platforms especially for the Web3 payments ecosystem with a particular focus on cross-chain payments. The startup has integrated with 23+ wallets clocking daily transaction volumes reaching $35K through the Fetcch platform. Fetcch will use the fresh capital to focus on product development and expand in the Web3 sector while simultaneously building for Web2.5 use cases.
Founded in May 2023 by Mandar Dange and Satyam Kulkarni, Fetcch is an infrastructure platform for digital payments and rewards that is looking to leverage the power of blockchain by enabling seamless real-time settlements for users. Fetcch’s product for enterprises, Deposit Guardrails, is an API/SDK that provides secure and easy deposit functions to institutional platforms like Over the Counter Market (OTCs), market makers, exchanges etc. Furthermore, Fetcch has introduced unified identity to seamlessly facilitate 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 efficiently manages backend settlements, eliminating users' need to navigate the intricacies of cross-chain interactions.
Fetcch pioneers the capability of pull payments in Web3, enabling conveniences like recurring payments that don't require the payer's initiation. To streamline the whole payments process, Fetcch is creating a network of wallets, decentralised applications (DApps), merchants, and identities to revolutionise the Web3 ecosystem eventually catering to Web2 businesses.
For Web3 users today to transfer/receive funds, it is imperative that they select the correct blockchain and wallet address. It is also necessary for the receiver to choose the right blockchain to see the transaction amount. In this multi-chain world, individuals may have different addresses on various blockchains. Hence, cross-chain payments pose significant challenges in user experience. Fetcch aims to address these challenges by providing a payments connectivity network that simplifies the complexities of the blockchain payment experience. With Fetcch, users can create custom-branded, interoperable, and chain-agnostic identities. Fetcch enables the consolidation of cross-chain identities and addresses into a unified and wallet-branded ID, such as Bob@metamask. Now, users can send any tokens without worrying about choosing the right blockchain and address. They can now create a human-readable identity and complete a transaction with a single sign.
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 a report by Grand View Research. The Web3 payments market is expected to reach USD 32.4 billion by 2032, growing at a CAGR of 69.4% from 2023 to 2032, as per a study by Market Research Future.
The Q3 2023 Messari State of Web3 report estimates the total number of active Web3 wallets across various providers to be above 90 million. Cross-chain transactions in the Web3 space have been prone to significant security vulnerabilities, leading to substantial financial losses. In 2022, cross-chain bridge security incidents caused a staggering total loss of approximately $1.89 billion. This figure represented the highest loss of any project type within the Web3 ecosystem. This is where Fetcch steps in with their Web3 payments stack that allows users to request cryptocurrency from the users wallet address to another by a secure link and a unified identity.
Supporting Quotes
Mandar Denge, CEO and Co-founder, Fetcch
“We are thrilled to partner with Apppworks, Hashkey, LD Capital, Compute Ventures, M6 and GravityX Capital. Their support during a bear market reinforces our conviction in what we are building at Fetcch. We see a huge opportunity in the payments and loyalty rewards ecosystem and are excited to bridge the gap in the ecosystem. Envisioning a future where Web2 tech businesses will use blockchain at the backend, this funding will enable us to expand our engineering and research team to accelerate the development of cutting-edge payment solutions that empower individuals and businesses to engage in seamless and secure transactions on the blockchain.”
Stanley Wu, Investing Partner, Hashkey Capital
“The Fetcch team has strong execution capabilities and has achieved exciting progress in both product development and customer integration over the past few months. HashKey Capital is bullish on Web3 payments will support the company in improving crypto payments products, creating a next-level user experience that can be conducive to mass adoption.”
Bill Hsu, Investing Partner, AppWorks Venture
“We believe that Fetcch is at the forefront of Web3 payments innovation. Their vision aligns perfectly with the rapidly evolving blockchain landscape, and we're excited to support their journey towards reshaping the digital payment industry."
