Utorg is developing a fiat-to-crypto "super app" that expands on its existing exchange by adding self-custody wallets, fiat bridges, an embeddable transfer widget and upgraded Web3 functionality. The app will support a variety of crypto coins, accept fiat from 187+ countries, and add features such as credit cards, IBANs for foreign bank transfers, NFT integrations and interest-generating crypto savings accounts. Utorg will use AI-powered KYC that it says can complete checks in as little as three minutes. The company positions modest fees as its primary revenue source and plans to use the recent funding to add headcount, acquire additional IP licences and explore new revenue channels. Utorg has formal entities beyond Estonia in Lithuania, Singapore, Abu Dhabi, Canada and Thailand, and has already signed up 250,000 users for its initial exchange service. The team says the super app will debut before the end of 2022 and emphasizes compliance and legal groundwork as part of its scaling strategy.

Total raised

$5M

Funding rounds

1

Latest round

Seed

Latest activity

Dec 2022