JPMorgan Finances The Tilia Metaverse Payments Platform

Tilia is a spin-off of Linden Labs that is building a payment platform for virtual economies. JPMorgan has re-invested in the company, and Dunamu, a fintech company based in Seoul, is a new backer.

Tilia has raised a total of $22 million in funding to grow its platform for providing KYC-compliant micropayments and minted tokens for online games, creator platforms, social commerce, and other digital social worlds.

Once the company had enough money, it hired Catherine Porter from Meta to be its first chief business officer. Porter was in charge of global partnerships and fintech innovations at Meta. He built the Diem ecosystem and the traditional payments ecosystem, which are used by all Meta products around the world.

“I’ve seen firsthand how difficult it is to build payments networks, even at the biggest global tech companies,” she says. “I joined Tilia because it has the track record, the technology, and the regulatory expertise necessary to create a trusted and safe financial system for every online economy, and we have only scratched the surface of what’s possible.”

In addition to the investment, Tilia is working with JPMorgan Payments to improve its current capabilities across its processing platform. This includes offering more ways to pay and get paid, adding more ways to get paid, and expanding the currencies and support services for getting paid.

After JPMorgan made its first investment in Tilia in October of last year, Drew Soinski, senior payments executive and managing director, said:

“We believe that contextualised commerce – such as virtual economies within games and virtual worlds – is an area perfectly positioned for innovative payments solutions to play a critical role in the coming years.”