Atum Raises $13.5M for Blockchain-Free Payments Network
A new fintech startup called Atum has emerged from stealth mode with a $13.5 million seed round, aiming to build an open payments network that doesn't actually move funds.
The San Francisco-based company unveiled its Open Payments Network on September 22, designed to act as a coordination layer connecting payment initiators, like apps and enterprises, with independent settlement providers who handle the money.
Atum itself never issues currency, operates a blockchain, or takes custody of anyone's funds. Instead, it links payment initiators with settlement providers through smart contracts that lock funds until delivery is verified.
The seed round was led by Variant, a crypto-native venture fund known for backing protocol-level infrastructure, along with PayPal Ventures and Abstract Ventures.