By
Bhushan Akolkar
November 3rd, 2023
Crypto payment gateway Nume Crypto generated funding from a host of VC firms to offer upcoming products NumePay and NumePay Business.
Web3 payments startup Nume Crypto recently raised $2 million via a pre-seed funding round from a host of investors led by Sequoia Capital India. According to Nume, the fresh capital will go towards several product-oriented goals and objectives. These include building the company’s product, finding the product-market fit, and taking on new clientele. Furthermore, Nume also looks to take its product to the market within the next 2-3 months, as well as support five cryptos, including Ethereum (ETH).
In addition to Sequoia, Nume Crypto’s funding round also saw participation from BEENEXT, Whiteboard Capital, and several angel investors. Some of these angel investors include Polygon co-founder Jaynti Kanani, ex-Coinbase CTO Balaji Srinivasan, and Yield Guild Games co-founder Gabby Dizon. Also, rounding out this group is Sanat Rao, General Partner at BlockTower Capital.
Nume Crypto Funding Development & Company Agenda
Founded in 2021 by sisters Madhumitha and Niveda Harishankar, Nume is a Layer 2 protocol with a specialty in crypto payments between merchants and buyers. The platform currently seeks to establish a virtually free payment scheme that facilitates crypto payments and transactions. Speaking on this overarching agenda, one of the company’s founding sisters explained:
“What we’re building is a way for merchants to really cheaply accept cryptocurrency payments and for customers to be able to shop on the web. We’re focused on even more stable coins and popular cryptocurrencies because merchants have a huge concern regarding volatility and that’s something that we wanted to start addressing from the very first day.”
For starters, Nume says it will support ETH, Bitcoin (BTC), and stablecoins. In addition, the company currently considers gas fees a major constraint and intends to shelve them completely:
“Our protocol can shield any notion of gas costs. So when we say 1%, we can keep it at 1%. And that’s because, at scale, our cost actually doesn’t increase linearly with the number of transactions we do.”
NumePay & NumePay Business
From a product point of view, Nume plans to offer NumePay and NumePay Business. NumePay is a non-custodial wallet that allows retail consumers to deposit their crypto and begin shopping with NumePay checkout-integrated businesses. All this would also be made possible by Nume without the need to charge gas fees.
The payments startup’s second product NumePay Business will allow businesses to offer crypto payment options to their customers. This business model would attract a nominal fee of 1% per transaction.
For the rollout of its business products, Nume Crypto is targeting the US market, a first for its kind. In addition, the crypto payment gateway also looks to venture into other crypto-friendly jurisdictions. These include Singapore, Indonesia, and other Asian markets.
“Nume is aiming to make good on the original promise of cryptocurrency, which was to make it accessible for the masses as a payments platform,” said Sequoia India MD Shailesh Lakhani.
