Crypto investment platform Pillow attracts $18M funding round to accelerate adoption of crypto services in emerging markets
Singapore --News Direct-- Pillow
Democratised access to digital assets is key to getting emerging market investors on a level playing field, giving them the opportunity to take control of their finances and battle the dual challenges of inflation and the rising costs of living. Helping them on this journey, crypto investments platform Pillow is creating simple, transparent, accessible products including crypto investing, crypto savings, crypto payments and other financial services. Underscoring the importance of its mission, today Singapore-based Pillow announced it 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 are taking control of their financial lives by 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.
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. Arindam Roy, CEO of Pillow, said, “At Pillow, we aspire to create and reward a culture of disciplined personal finance, including savings and investments powered by access to digital assets, that enable young, hardworking, ambitious people to take control of their finances, achieve life goals and work towards financial freedom. 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.”
Since the beginning of 2022, the company has grown its user base by 300%, with assets under management having grown 5x. In addition, the company has expanded into Nigeria, Ghana, and Vietnam, among other emerging markets.
“Borderless, permissionless money has the power to change lives, particularly in emerging markets, and it can bring more people into financial systems,” said Ganesh Rengaswamy, co-founder and managing partner at Quona. “What Pillow is building can remove the friction of formal financial systems for the underserved, while engaging users in savings and investing behaviors. Quona is excited to support the company on its journey.”
Digital assets and decentralised finance are opening up access to global economies across the world by operating on borderless systems without relying on centralised entities. The challenge is in making it simple and user-friendly enough for mass adoption. Arindam, Rajath, and Kartik’s mission is to create a safe, accessible, borderless crypto investment platform and make digital assets accessible to everyone globally.
Vaas Bhaskar, Principal at Elevation Capital said “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."
Pratik Agarwal, Principal at Accel said "Pillow aims to recreate the financial experience for consumers who struggle with access, on crypto rails. We're excited to work with the Arindam, Karthik, Rajath and the team in reimagining what financial opportunity and inclusion looks like in the digital age for global emerging and frontier markets."
About Pillow
Pillow is a digital asset management app that helps users get the best returns on their digital assets with none of the associated hassles. To start off, Pillow is offering users the best returns on their crypto.
Pillow aims to make it as simple as possible for users to start earning the best returns on their crypto. Today, to invest in DeFi and start earning returns, users have to jump through multiple hoops: right from setting up a Metamask wallet to transferring their crypto on-chain to understanding gas fees, bridging and many other aspects.
While there is so much value being created in DeFi, the process needs to be much simpler for the users. That’s where Pillow steps in. Users just have to transfer their crypto to their Pillow account and they start earning returns immediately. Pillow does all the heavy lifting at the backend while ensuring a seamless investment journey on the front-end.
Pillow is available for download on Google Playstore and Apple App Store, and will provide users with strategies and market-beating rates for popular crypto assets that include $USDC, $USDT, $BTC and $ETH.
About Quona
Quona Capital is a venture firm focused on fintech that can expand access for underserved customers and small businesses in emerging markets including India and Southeast Asia, Latin America, Africa and the Middle East. Quona’s global partners are experienced investors and operators in both emerging and developed markets, and invest in entrepreneurs whose companies have the potential to provide outstanding financial returns and promote breakthrough innovation in financial inclusion for both consumers and SMEs.
About Elevation Capital
Elevation Capital is a leading venture capital firm which provides seed and early stage capital for emerging companies in India. Elevation Capital has been investing in India since 2002 deploying almost $2 billion of capital in over 150 companies. The firm announced its eighth pool of capital of $670 million in April 2022. The firm is led by Co-Managing Partners Ravi Adusumalli and Mukul Arora, along with 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 that aims to be the first partner to exceptional teams everywhere, from inception through all phases of private company growth. Accel has been operating in India since 2008, and its investments include companies like 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 a program by Accel India to support pre-seed startups with easy access to non-dilutive capital, mentorship from founders and operators, and a community to help them grow. We help ambitious entrepreneurs build iconic global businesses. For more, visit www.accel.com or https://twitter.com/Accel_India.
Contact Details
Bilal Mahmood
+44 7714 007257
b.mahmood@stockwoodstrategy.com
Company Website
View source version on newsdirect.com: https://newsdirect.com/news/crypto-investment-platform-pillow-attracts-18m-funding-round-to-accelerate-adoption-of-crypto-services-in-emerging-markets-744007226
