Singapore Web3 firm Suberra secures $2.7M funding

Singapore Web3 firm Suberra has raised $2.7 million to date over two funding rounds from investors like Spartan Capital, Delphi Ventures, Hashed, Newman Capital, Defiance Capital, Arcane Group, and TsingTech Ventures.

They are also supported by angel investors such as Alex Svanevik (Nansen), Liu Tianwei (Group Deputy CEO at Fazz, Co-Founder of Xfers & StraitsX), Han Wen Chua (Voyage Finance), Nicholas Tong and Yenwen Feng (Perpetual Protocol), Suberra said in a statement on Friday.

According to the statement, the funds raised will be used to launch the merchants’ platform and drive the next phase of Suberra’s development, which include accelerating growth, scaling up operations, and expanding the team.

Suberra is a non-custodial solution that allows for payments and subscriptions on any blockchain network, starting with Ethereum, Polygon and Avalanche, with the goal of supporting most major blockchains and L2s by end-2023.

Its solution makes it easy for merchants to connect with over 100 wallets like Metamask, Ledger, and Argent, enabling users with more options.

The firm is building a cryptocurrency payments platform for businesses to accept automated recurring subscriptions and one-time crypto payments globally in a fast and easy way. It can integrate alongside existing web apps and allow businesses to collect crypto in addition to credit cards.

In the fourth quarter of 2022, onboarded merchants will be able to offer crypto payments for subscriptions on multiple blockchains.

They will benefit from instant settlements, global outreach and low fees. End-users will enjoy gasless transactions (a major pain point for crypto payments today), with secure and hassle-free payments that pull funds from the payer’s account to the merchant directly.

The subscription function of Suberra’s platform is a marked improvement from the payment solutions currently available. It can be used for software as a service (SaaS)-based services, memberships, paid access to premium content by content creators, in-game battle passes, etc.

The current tedium of repeated reminders for payments is replaced with a one-time approval, with recurring payments made on behalf of the user from the crypto wallet of the user’s choice.

For end-users, the ease of using Suberra’s subscription tool will be similar to making subscription payments on credit cards.

This is further augmented by subscription non-fungible tokens (NFTs) that serve as proof-of-membership. Merchants can define various subscription parameters to suit their business, such as usage models, renewal periods, and transfer restrictions.

Through powerful integrations, merchants on Suberra can tap on the plethora of tools available to redesign the user engagement experience for crypto natives. Suberra’s subscription NFTs are composable with tools that support ERC-721 standards.

That means the NFTs can be displayed on portfolio managers (Nansen, Zapper), Marketplaces (Opensea), and natively on wallets. Integrations with tools like collab.land allow for gated content on Discord, Telegram, and Notion.

The subscription product will launch in Q4 2022. Thereafter, the team will focus on Checkout Pages and Payment Links.

Checkout Pages will enable merchants to collect Web3 payments on a hosted page with minimal integration effort required.

Payment Links will be a no-code solution for anyone to sell products online without requiring a website. These solutions can be used for simple e-commerce, event ticketing, content platforms, and game marketplaces.

“The lack of good payment solutions for businesses has held back the growth of crypto payments. Suberra makes it super simple to accept crypto for anything from anyone, including recurring subscription payments, and we’re excited to support them as they unlock this strong use case for businesses looking to embrace web3,” said Spartan Capital.

Delphi Ventures said :”People have been asking us to pay for their Delphi pro subscriptions in crypto forever. Suberra will finally allow us to do this and we’re very happy to be both early users and investors.”