Singapore-based crypto investments platform Pillow has raised $18 million in series A funding co-led by Accel, Quona Capital, Elevation Capital and Jump Capital.
Elevation Capital were also the first seed investors 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 saving and investing using digital assets. Within the Pillow app, users can invest and save in US Dollar-backed stablecoins, as well as multiple blue-chip cryptocurrencies including Bitcoin, Ethereum and others.
“We’re creating a suite of high-quality, secure, and transparent financial products that will grant our users access to global economic opportunities and let them take control of their financial future,” said Arindam Roy, CEO of Pillow.
Since the beginning of 2022, the company claims to have grown its user base by 300%, with assets under management having grown 5 times. In addition, the company has expanded into Nigeria, Ghana, and Vietnam, among other emerging markets, the company said in a statement on Thursday.
“Borderless, permissionless money has the power to change lives, particularly in emerging markets, and it can bring more people into financial systems. What Pillow is building can remove the friction of formal financial systems for the underserved, while engaging users in savings and investing behaviours. Quona is excited to support the company on its journey,” said Ganesh Rengaswamy, co-founder and managing partner at Quona.
“The lack of intuitive, user-friendly platforms is a big impediment to large-scale adoption of digital assets as an investment class, and Pillow is doing a phenomenal job in bridging this gap. The growth they've been able to achieve since inception is testament to the quality and seamlessness of the solution. We're sure that this is just the beginning and are excited to partner on this mission to build the leading emerging markets digital asset management company," added Vaas Bhaskar, principal at Elevation Capital.
The company is just getting started. “Pillow has plans to do even more to elevate the personal finance journeys of people in emerging markets such as Africa and Southeast Asia,” the statement added.
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