Nume Crypto Raises Funding From Sequoia Capital To Make Crypto Payments Easy Among Users

Crypto payment gateway Nume Crypto has raised $2 Mn in its Pre-Seed funding round led by  Sequoia Capital India. 

The round also saw participation from BEENEXT, Whiteboard Capital and other angel investors including Jaynti Kanani from Polygon, Balaji Srinivasan from Coinbase, Gabby Dizon from Yield Guild Games, Sanat Rao from BlockTower Capital, Rahul Rai from BlockTower Capital, Arun Samudrala from Google, Gautam Seshadri from Blowhorn.

Founded in November 2021 by two siblings –Madhumitha Harishankar and Niveda Harishankar, India and the US-based Nume Crypto helps to process cryptocurrency payments through its layer-2 scaling solution. At present, it is only processing payments through Ethereum and ERC-20 tokens. 

The founding team holds an extensive experience in engineering and UX designing. Madhumitha previously worked as a software engineer at Barclays and AWS, while Niveda was a UX designer at Amazon, mainly working with Marketplace, Alexa and Kindle teams. 

Nume Crypto’s products are currently in beta testing and will be launched by Q4 CY 2022.

Its offerings include:  

NumePay – It is a crypto wallet that allows users to deposit their crypto and start shopping with businesses that have integrated with NumePay checkout. It does not charge any fees from the users. Users can create their crypto wallets through social authentication or by signing up via email and phone numbers.

NumePay For Business– It enables businesses to offer cryptocurrency payment options to their customers at 1% per transaction. It gives instant payment confirmations (to users)  and ensures daily settlements are made to the merchants’ NumePay Business account.

Earlier, Nume Crypto was a part of the first cohort of Sequoia Spark, a program that invests and mentors at least 15 women-led companies in India and Southeast Asia.

It competes with the likes of Coinbase, Blockonomics, CoinGate, SpectroCoin and Prodoge in the crypto payment gateways space.

According to an Inc42 report, the Indian crypto sector is anticipated to contribute $62.2 Bn to the country’s economy by 2030. As of 2021, more than 350 startups were operating in the nation.

The crypto sector has been poured with millions of dollars of investments lately. Earlier this month, crypto reward startup GoSats raised $4 Mn from investors including YCombinator, Accel, Gossamer Capital, KubeVC, 2am VC, Valhalla Capital, Soma Capital, and Trampoline Venture Partners, among others.

In April, crypto exchange unicorn CoinDCX secured over $135 Mn (INR 1,000 Cr) in its Series D funding round at a post-money valuation of $2.15 Bn. Investors who participated in the round included Kingsway, DraperDragon, Republic, Kindred, B Capital Group, Coinbase, Polychain, and Cadenza. 

Further, in January, crypto-native social startup Sahicoin bagged $1.75 Mn in its seed funding from investors including Alameda Ventures(FTX), Better Capital, Kunal Shah from CRED, and Indian cricketer Suresh Raina, among others.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.