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JPMorgan Funds Metaverse Payments Platform Tilia

A payment platform for metaverse economies Tilia has secured a total of $22 million in funding from JPMorgan and Seoul-based fintech Dunamu to scale and provide KYC-compliant micropayments

JPMorgan Funds Metaverse Payments Platform Tilia

JPMorgan invested in the metaverse payment platform Tilia. Image: pixabay

JPMorgan announced a strategic investment in Tilia – an all-in-one payments platform that handles payment processing, in-game transactions and payouts to creators within games, virtual worlds, and app development.

The fresh funding round brought Tilia a total of $22 million in funding as well as attracted a new investor – South Korean fintech Dunamu. The metaverse-oriented company now plans to scale its platform by providing KYC-compliant micropayments and minted tokens for online games, creator platforms, social commerce and other digital social worlds.

Along with a financial boost, Tilia enhanced its team with a leading industry professional. Catherine Porter, who led global partnerships and fintech innovation at Meta, will become its first chief business officer.

JPMorgan has not limited its support to Tilia with monetary investment. The bank will also integrate JPMorgan Payments solutions to enhance Tilia’s current capabilities. Thus, its processing platform will provide increased payment and payout methods, with more pay-out currencies and support services.

Besides Tilia, JPMorgan has also made an investment in Sightline which designs payments technologies for the regulated gaming industry. The focus on gaming space represents the institution’s commitment to digital transformation, which will ultimately blend physical and virtual worlds “to offer revenue opportunities for businesses and contextual experiences for evolving consumer expectations”.

"Virtual economies represent a huge financial opportunity particularly for game, app and virtual world developers [… ] J.P. Morgan Payments, a worldwide leader and recognized innovator in payments, is the right partner."
Brad Oberwager, Executive Chairman of Linden Research, Inc., parent company of Tilia

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.