Founded in 2022, Fun has been operating in stealth. The company develops payments infrastructure for digital platforms, supporting deposits, withdrawals, and settlement flows for prediction markets like Polymarket and crypto firms.
On may 1, Fun announced that it had raised $72 million in a Series A funding round. The round was co-led by Multicoin Capital and SignalFire.
Fun works with platforms including Polymarket, Lighter, and Aave. The company reports processing more than $18 billion in annual transaction volume. It supports users in over 100 countries. However, not too much was heard about the company since it was intentionally operating in stealth mode. Without attracting public attention, Fun has been operational for several years now, and secured about $10M before the widely announced Series A, in seed and pre-seed rounds.
“Fun is focused on a simple but foundational problem: removing the technological barrier of value exchange,” said Alex Fine, founder and CEO of Fun. “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”.
The company has a small engineering team. Despite its size, the startup has successfully built a unified payments layer for global applications such as popular crypto and prediction market platforms. One of Fun’s most prominent clients is Polymarket – the biggest name in the blockchain-based prediction business, that is reportedly in talks to raise $400 million at a valuation of $15B, cementing itself as one of the most valuable private fintech companies on the planet.
“Polymarket runs at a scale that breaks most payments infrastructure,” said Josh Stevens, VP of Engineering at Polymarket. “We’ve evaluated every major payments company, and Fun is 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. At our size, every percentage point of conversion is millions of dollars and millions of users, and every reliability failure becomes a public conversation. Fun has built the highest-converting, most reliable deposit flow we’ve ever had.”
Fun said the funding will be used to invest in engineering, expand into the Asia-Pacific region, including opening an office in Singapore, and pursue acquisitions. Currently, its main headquarter base is listed as New York, United States.
“Financial markets have driven global prosperity for decades, but the systems behind them have not kept pace,” said Fine. “They were built for a slower, more fragmented world. Different rails, different currencies, different systems that do not interoperate. That fragmentation shows up as friction, which is the enemy of conversion. Fun has solved that problem.”
