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Legal 500, 2022

Harbottle & Lewis advises Kraken Ventures, Fabric Ventures, Arca, and on their investment in Fiat Republic Ltd

Harbottle & Lewis has advised a lead-investor syndicate formed of Kraken Ventures, Fabric Ventures, Arca and on their recent investment in Fiat Republic, as part of the company’s $7 million seed extension round.

Fiat Republic is a Banking-as-a-Service platform working to simplify the process of crypto platforms connecting with the bank transfer network. The startup offers a single API integration coupled with a single compliance touchpoint, providing crypto platforms with access to traditional transaction banking services, cutting the time and cost of processing fiat currencies.

The capital will help fuel the company’s growth, key initiatives such as strategic hires, strengthen banking partnerships and enable the business to expand to new territories. It will also be used to improve the accessibility of banking and payment services for cryptocurrency platforms.

Michal Benedykcinski, SVP at Arca, said: “Arca is enthusiastic to back Fiat Republic on its mission to bridge the gap between traditional banking and the rapidly growing financial needs of web3 projects. Our investment in Fiat Republic represents a deep belief in making compliant industry standards for individual transactions easy to follow by all market participants, whether you are a crypto platform, bank, or regulator.”

Commenting on the deal, H&L Corporate and Venture Capital Partner Tom Macleod said “We are delighted to have advised the syndicate on their investment into Fiat Republic, strengthening the investors’ position as key strategic partners in the Crypto and Fintech ecosystem. The transaction further demonstrates H&L’s ability to advise investors on complex investments into pioneering, high-growth tech companies.

On working with the team at Harbottle, Michal Benedykcinski, SVP at Arca said “We’ve been impressed with the Harbottle team’s attention to detail and ability to deliver comprehensive legal due diligence that helped our syndicate get over the finish line. We found their legal guidance on the documentation invaluable when securing our commercial interests without compromising quality and timeliness, which is a testament to Tom, Rosie, and Xander. We look forward to working again soon.

The Harbottle team which advised on the transaction was led by Tom Macleod and Senior Associate Rosie Marston, with support from Corporate Associate Xander Walters and other departments across the firm.

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