Singapore –News Direct– Pillow
Democratized access to digital assets is key to leveling the playing field for emerging market investors, enabling them to take control of their finances and tackle the twin challenges of inflation and the rising cost of living. help them on this journey, Crypto investment platform Pillow creates simple, transparent and accessible products including crypto investments, crypto savings, crypto payments and other financial services. To underscore the importance of its mission, Singapore-based Pillow announced today that it has raised $18 million in Series A funding co-led by Accel, Quona Capital, Elevation Capital and Jump Capital. Elevation Capital was also the first seed investor in Pillow, having led the round in 2021.
Founded in 2021 by Arindam Roy, Rajath KM and Kartik Mishra, the Pillow platform is a community of more than 75,000 users in over 60 countries who are taking control of their financial lives by saving and investing with digital assets. Within the Pillow app, users can invest and save in US dollar-backed stablecoins as well as several blue-chip cryptocurrencies such as Bitcoin, Ethereum, and others.
The company is still in its infancy; Pillow has plans to do even more to improve the personal finance pathways of people in emerging markets like Africa and Southeast Asia. Arindam Roy, CEO of Pillow, said: “At Pillow, we strive to create and reward a culture of disciplined personal finance, including saving and investing, driven by access to digital assets that empowers young, hard-working, ambitious people to take control of their finances take over, achieve life goals and work on the way to financial freedom. We create a range of high-quality, secure and transparent financial products that give our users access to global economic opportunities and put them in control of their financial future.”
Since the beginning of 2022, the company has grown its user base by 300%, with assets under management growing fivefold. In addition, the company has expanded to Nigeria, Ghana and Vietnam, among others.
“Borderless, permissionless money has the power to transform lives, especially in emerging markets, and it can bring more people into financial systems,” he said Ganesh Rengaswamy, Co-Founder and Managing Partner of Quona. “What Pillow is building can remove the friction of formal financial systems for the underserved while engaging users in saving and investing behaviors. Quona is excited to support the company on its journey.”
Digital assets and decentralized finance open access to global economies around the world by operating on borderless systems without relying on centralized entities. The challenge is to make it simple and user-friendly enough for mass adoption. Arindam, Rajath and Kartik’s mission is to create a secure, accessible, borderless crypto investment platform and make digital assets accessible to everyone worldwide.
Vaas Bhaskar, Director at Elevation Capital said, “The lack of intuitive, easy-to-use platforms is a major impediment to the large-scale adoption of digital assets as an asset class, and Pillow is doing a phenomenal job of bridging this gap. The growth they have been able to achieve since inception is a testament to the quality and seamless integration of the solution. We are confident that this is just the beginning and excited to work together as partners on this mission to build the leading digital asset management company in emerging markets.”
Pratik Agarwal, Director at Accel said: “Pillow aims to replicate the financial experience on crypto rails for consumers struggling with access. We look forward to working with Arindam, Karthik, Rajath and the team to rethink what financial opportunity and inclusion looks like in the digital age of global emerging and frontier markets.”
Pillow is a digital asset management app that helps users get the best returns on their digital assets without the hassles that come with it. To start, Pillow offers users the best returns on their cryptos.
Pillow wants to make it as easy as possible for users to get the best returns on their crypto. To invest in DeFi today and earn returns, users must jump through several hurdles: from setting up a Metamask wallet, to transferring their crypto on-chain, to understanding gas fees, bridging, and many other aspects.
While so much value is being created in DeFi, the process needs to be much easier for users. This is where Pillow comes in. Users just need to transfer their crypto to their Pillow account and they start earning returns instantly. Pillow does all the heavy lifting on the backend while ensuring a smooth investment journey on the frontend.
Available for download on the Google Playstore and Apple App Store, Pillow provides users with strategies and market-leading rates for popular crypto assets including $USDC, $USDT, $BTC and $ETH.
Quona Capital is a fintech venture firm that can expand access for underserved clients and small businesses in emerging markets such as India and Southeast Asia, Latin America, Africa and the Middle East. Quona’s global partners are experienced investors and operators in emerging and developed markets, investing in entrepreneurs whose businesses have the potential to deliver superior financial returns and drive breakthrough innovation in financial inclusion for both consumers and SMBs.
About Elevation Capital
Elevation Capital is a leading venture capital firm providing seed and early stage capital to emerging companies in India. Elevation Capital has invested in India since 2002, deploying nearly $2 billion of capital to over 150 companies. The company announced its eighth capital pool of $670 million in April 2022. The company is led by Co-Managing Directors Ravi Adusumalli and Mukul Arora and three Managing Directors Mridul Arora, Deepak Gaur and Mayank Khanduja. The firm has invested in over 150 companies across Consumer Internet, SaaS, Fintech, Consumer Brands, Edtech, Healthtech and Web3/Crypto and has offices in Bengaluru, Gurgaon and Salt Lake City.
About Accel Accel is a global venture capital firm dedicated to being the premier partner for exceptional teams, from inception through all phases of private business growth. Accel has been operating in India since 2008 investing in companies such as BookMyShow, BrowserStack, Flipkart, Freshworks, FalconX, Infra.Market, Chargebee, Clevertap, Cure Fit, Musigma, Moneyview, Mensa Brands, Myntra, Moglix, Ninjacart, Swiggy, Stanza Living , Urban Company, Zetwerk and Zenoti, among many others. Atoms is Accel India’s program to support pre-seed startups with easy access to non-dilutive capital, mentoring of founders and operators, and a community to help them grow. We help ambitious entrepreneurs build iconic global companies. For more information, see www.accel.com or https://twitter.com/Accel_India.
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