Januar set to launch crypto payments in Denmark with Tuum as core banking platform
“This is a very exciting time for us at Tuum, as we are involved in building a truly world-leading solution. Januar noticed a large gap in the market for crypto businesses that was not being filled by traditional institutions”
Janua has partnered with Tuum to serve as the core banking platform to power the pan-Europe goals of the compliant gateway for crypto businesses and institutional investors.
The banking platform will be used to build account and payment solutions for crypto companies, in order for them to receive and send payments like any other business.
Januar is using Tuum’s connector with Banking Circle, giving it the ability to make and receive payments in multiple currencies including EUR & DKK. AML capabilities are also handled through Tuum’s integration partner, HAWK:AI.
Tuum’s flexibility allowed Januar to develop the solutions it needed while retaining full control over the customer journey and build out its own channels.
Januar offers fiat-to-crypto rails as a service
Januar, which is amongst the first payment institutions to offer fiat-to-crypto rails as a service to crypto businesses and institutional investors, acquired a Payment Service Provider license from the Danish Financial Supervisory Authority in 2021.
The purpose: to conduct crypto-related fiat payments. Now, January is about to introduce its first accounts in Denmark ahead of expanding across the European region.
January has recently raised €6 million to fund its development and expansion in what was the largest ever seed round in Danish history.
Ove Kreison, co-founder and CTO at Tuum, said: “This is a very exciting time for us at Tuum, as we are involved in building a truly world-leading solution. Januar noticed a large gap in the market for crypto businesses that was not being filled by traditional institutions and, using Tuum’s powerful core banking capabilities, is now bridging the gap between the traditional financial system and the new digital economy. When we say that Tuum is building the banks of the future; this is exactly what we mean.”
Jens Warnez, Head of Product at Januar, commented: “To capitalise on first-mover advantage, we needed a platform and partner that would enable us to move at pace. Tuum has proven to be incredibly receptive to our objectives, and they have maintained open and transparent lines of communication which means that our queries have always been quickly addressed. This degree of approachability was a key differentiator in our decision to select Tuum as our core banking platform provider.”