Fun

Fun was founded in San Francisco in 2022 by Alex Fine and former Meta machine-learning engineer Mario Baxter, initially building dWallet-based cross-chain wallet applications on the Odsy network; a $3.9 million seed led by Jam Fund followed in October 2022.

FunKit went live on mainnet in August 2023, packaging fiat on-ramp, swaps, bridging and staking into one-line ERC-4337 smart-account tooling — the moment Fun shifted from a wallet product to developer infrastructure.

Its positioning then narrowed to on-chain payment rails: deposits, withdrawals, routing and checkout across 100+ countries and 50+ payment methods, with annual volume above $18 billion and a 99.999% success rate.

A $72 million Series A closed in January 2026 and was announced in May, led by Multicoin Capital and SignalFire with Infinity Ventures, Pharsalus and Justin Mateen, at a post-money valuation near $325 million.

Clients include Polymarket, Aave, Lighter, Ostium and Fanatics, with Fun carrying all of Polymarket's deposits and withdrawals; a team of roughly 30 moves more than $18 billion a year, owning the fiat-to-chain doorway for prediction markets and on-chain trading.

Fun raised a $72 million Series A on May 1, 2026 co-led by Multicoin Capital and SignalFire with JAM Fund and Streamlined Ventures, bringing total funding to $75.9 million at a post-money valuation of about $325 million; proceeds fund engineering hiring, a Singapore office and acquisitions. The company incorporated its Singapore entity on February 5 and has shifted focus from wallet infrastructure to high-conversion deposit rails.

An orchestration SDK shipped on July 24, unifying cards, bank transfers, crypto and regulated partners into one funding flow; Arcus adopted the infrastructure on July 29, settling user funds as USDG on Robinhood Chain; and on August 4 Fun disclosed that it powers every deposit and withdrawal on Polymarket. The company says it processes more than $20 billion a year at a 99.999% success rate, counts Lighter and Fanatics as customers and issues no token.

Future strategy and roadmap: Fun's $72 million is not for coverage but for depth on a narrow path: $18 billion in annualised volume, a 99.999% success rate and 0.5% to 1% fees come from building bespoke flows for clients such as Polymarket and Lighter that must clear every second, not from the standard checkout offered by Ramp, MoonPay or Transak. The threat is just as clear — Stripe expanded fiat on and off ramps itself at Sessions 2026, and once generic rails are good enough the customisation premium compresses. Buying wallet and compliance capability and opening in Singapore really moves the charging point from deposit rails into treasury and settlement, trading 20 to 30 times revenue growth for longer customer life.

Alex Fine, Founder and CEO, studied Math and CS at Stanford, founded the study app Quill and sold it in 2018, ran a crypto quant fund after dropping out in 2020, and founded Fun in 2022 as CEO.

Mario Baxter, Co-founder and CTO, formerly a machine-learning engineer at Meta, co-founded Fun in 2022 leading technology and engineering architecture and the trading platform line.

Jeffrey Caron, CFO and COO, from a fintech and operations-finance background, oversees Fun's finance and operations functions.

Kurt Bugbee, Head of Data, from a data-engineering background, leads Fun's data systems and infrastructure build-out.

Gabriella Labi, Head of People and Culture, from an HR background, leads Fun's team organization and culture building.

The team leans on engineering and data, with founders largely from the Bay Area and flat reporting lines.