Digital asset management startup raised $3 million in seed capital from Elevation Capital in February this year (iStockphoto)
With this funding round, the digital personal finance platform aims to accelerate the adoption of crypto services in emerging economies including Africa and Southeast Asia.
Pillow, a cryptocurrency investment platform operated by Pillow Digital Technologies Pte Ltd, has secured $18 million in funding in a Series A round co-led by Accel, Kwana Capital, Jump Capital and existing investor Elevation Capital.
With this funding round, the digital personal finance platform aims to accelerate the adoption of crypto services in emerging economies including Africa and Southeast Asia. The company has already expanded into some emerging markets including Nigeria, Ghana and Vietnam.
We are building a suite of high-quality, secure and transparent financial products that will give our users access to global economic opportunities and let them take control of their financial future,” said Arindam Roy, one of Pillow's co-founders. Said in the testimony.
Kona Capital co-founder and managing partner Ganesh Rengaswamy said Pillow's offering could "remove the friction of formal financial systems for the underserved, while engaging consumers in savings and investment behavior."
The digital asset management startup raised $3 million in seed capital from Elevation Capital in February this year. The company intends to build 'alpha-generating' decentralized financing strategies for crypto assets such as bitcoin, ethereum and other coins, and through this funding to expand globally.
According to its website, the Singapore-based company is also backed by investors like Fareed Ahsan (ShareChat), Mukund Jha (Dunjo), Kush Taneja and Sambhav Jain (Fampay), Mike Rosengarten (Camino), Brijesh Bharadwaj (Dunzo), Paul . Finney (SpaceKayak) and Suhas Motwani (The Product Folks) among others.
Founded in 2021 by Roy, Rajath KM and Karthik Mishra, the Singapore-based player aims to enable users to earn attractive returns on their digital assets while making the crypto investment process easy.
Its major value proposition is that it allows users to invest and save in US dollar-backed stable coins, in addition to several blue-chip cryptocurrencies including bitcoin, ethereum, and others.
It claims to strengthen its user base by 300% since the beginning of 2022, registering a 5-fold increase in its assets under management. Pillow claims that its digital asset platform has a community of over 75,000 users, with users from over 60 countries.
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