Rise Secures $6.3M in Series A Funding for Hybrid Payroll Infrastructure
Summary
Rise, a leading hybrid payments platform, today announced the successful completion of its Series A funding round, securing $6.3 million in capital, and bringing its total funding to $10m.The investment, led by Draper Associates and co-led by Polymorphic Capital, with participation from DCG, JAM Fund, Ryze Labs & Paradigm Shift Capital, will enable Rise to accelerate its mission to bring hybrid payment systems for critical business operations to tomorrows businesses.This latest funding round follows the companys growth, as demand for hybrid payroll and payment systems continues to rise globally.At its core, Rise is a hybrid payment infrastructure that blends fiat currencies, stablecoins, and cryptocurrencies.By having both a complete domestic & cross border fiat payment infrastructure, controlled by Rises proprietary on-chain fleet of smart contracts, Rise is able to securely and efficiently automate the routing between fiat currencies and stablecoins.Built on this cutting edge infrastructure is Rises first product: a Global Contractor Payment system.This service enables businesses across the world to pay their international contractors in the currency of their choosing, regardless of the treasury the business holds.Today, Rise counts 150+ customers and more than 100,000 contractors.Its customer base includes traditional businesses, web3 businesses as well as DAOs, protocols and platforms.Rises comprehensive platform supports businesses looking to onboard, hire and pay global contractors and employees in both local currencies and stablecoins, while ensuring compliance with international tax regulations and employment laws.A key component to Rises on-chain infrastructure is the RiseID, a unique smart contract minted by each user and organization following onboarding and completion of KYC.Each user owns a RiseID, and can add attributes to it and hold attributes with it. They can then share these attributes with third parties.While enabling users to authenticate themselves and interact with Rises smart contracts, the RiseID holds potential in becoming a Digital Professional ID.To date, more than 100,000 RiseIDs have been minted.Rises cutting-edge platform enables companies of all kinds to navigate the complexities of international payments with ease.Offering a seamless experience for managing both fiat and stablecoin payments, it ensures that compliance with local regulations is never compromised.The company provides robust Know Your Customer (KYC) and Anti-Money Laundering (AML) verification, as well as Professional Service Agreements, reducing risk for employers hiring contractors globally.In anticipation of future products, the company is actively acquiring Money Transmitter Licenses in the US and equivalent in other regions of the world.Rise will use this fresh funding to expand its team across all functions, bring new products to market and grow its global compliance & licensing infrastructure.Launched in 2022, Rise is a global payroll and compliance company that offers global payroll services for businesses operating across borders.From paying contractors and employees in local currency to enabling crypto payroll, Rise helps companies stay compliant and agile in todays evolving digital economy.The platform is trusted by businesses worldwide to simplify their payroll and ensure compliance with tax and regulatory obligations.For more information about Rise and its services, users can visit Riseworks.io.