Rise Closes $6.3 Million Series A Funding Round to Revolutionize Global Payroll and Compliance
Rise, a New York-based blockchain fintech company, has successfully secured $6.3 million in its Series A funding round, led by Draper Associates and supported by Polymorphic Capital, with participation from DCG, JAM Fund, Ryze Labs, and Paradigm Shift Capital. This latest funding milestone brings the total capital raised by the company to $10 million, underscoring investor confidence in Rise’s vision for hybrid payment systems and global payroll solutions.
Transforming Payments and Payroll with Blockchain
Founded in 2022 by Hugo Finkelstein (CEO) and Andrew Maurer (CTO), Rise has developed an innovative platform enabling seamless payroll and payments for contractors and employees globally. The platform integrates fiat currencies, cryptocurrencies, and stablecoins, offering companies a flexible and compliant solution for managing international payments. Rise’s infrastructure leverages blockchain technology and proprietary smart contracts to ensure secure, efficient, and transparent payment processing.
Meeting Global Business Needs
With over 150 corporate clients and more than 100,000 contractors benefiting from its services, Rise addresses the complexities of global payroll by allowing businesses to pay in local currencies or digital assets. This capability makes it an indispensable tool for traditional enterprises, Web3 companies, DAOs, and other forward-thinking organizations.
The platform’s RiseID, a unique smart contract issued to users upon onboarding, enhances security, streamlines Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance, and offers potential as a digital professional identifier. To date, over 100,000 RiseIDs have been created, setting the foundation for broader use cases in HR, finance, and compliance ecosystems.
Scaling for the Future
With this new funding, Rise plans to:
- Expand its team across functions to meet growing demand.
- Launch new products that further integrate fiat and crypto payment options.
- Strengthen its global compliance infrastructure and acquire money transfer licenses in the U.S. and other regions.
Hugo Finkelstein, CEO of Rise, stated: “The hybrid approach to payments and payroll is the future. As the workforce becomes increasingly globalized, Rise is positioned to lead this transformation with our innovative infrastructure. This funding will help us bring new products to market faster, empowering businesses of all kinds to streamline payments and compliance.”
Timothy Draper, Founder of Draper Associates, shared: “Rise is the platform that bridges traditional and crypto economies. It’s paving the way for businesses to operate seamlessly in a hybrid payment world, ensuring efficiency and compliance for Web2 and Web3 companies alike.”