- Payments platform for digital worlds, Tilia, raised $22 million.
- The funds, which come from Dunamu and J.P. Morgan Payments, boost the company’s total funding to $32 million.
- Tilia offers a compliant way for digital content creators to receive micropayments and mints fiat-pegged currency that can be used in virtual economies.
Tilia, a digital payments platform for games and virtual worlds, announced it received $22 million in funding this week.
The funds come from Dunamu and existing investor J.P. Morgan Payments, which invested $10 million in Tilia in October of 2022. Today’s venture round, which the company will use to scale its platform and address the demand for payments in digital economies, brings Tilia’s total raised to $32 million.
Originally founded in 2019, Tilia was spun out of Second Life creator Linden Lab in 2022. The California-based company’s payments platform is the backbone for online economies such as those found in online games, creator platforms, social commerce, and other digital worlds. Tilia enables creators to receive direct payouts by processing user-generated content transactions and microtransactions, allowing them to monetize their operations. For games and virtual worlds, the company mints branded tokens that are compliant in the U.S. and have a fixed conversion rate to fiat currency.
Along with today’s news, Tilia also announced two new appointments. The company brought on Brad Oberwager as CEO and Catherine Porter as Chief Business Officer. Oberwager has served as Executive Chair at Tilia for the past two years.
“Today’s payments infrastructure was built for traditional commerce – it hasn’t caught up with the new way of living and working in a digital, creator-driven economy,” said Oberwager. “At Tilia, we have a massive opportunity to unlock new revenue streams for both online creators and the platforms they build in, whether they are gaming worlds, social platforms, or next generation marketplaces. As I take the helm at Tilia, my focus will be on providing a payments system that enables these expanding digital economies.”
Photo by RODNAE Productions