Cryptocurrency investment platform Pillow, run by Pillow Digital Technologies Pte Ltd, on Wednesday secured funding amounting to $18 million in a Series A funding round co-led by Accel, Quona 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 those in Africa and Southeast Asia. However, it has already expanded to some emerging markets including Nigeria, Ghana, and Vietnam, among 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,” Arindam Roy, one of the co-founders of Pillow said in a statement.
On his vision on the crypto platform’s growth, Ganesh Rengaswamy, co-founder and managing partner at Quona Capital, said that Pillow’s offerings “can remove the friction of formal financial systems for the underserved, while engaging users in savings and investing behaviours.”
The digital asset management startup raised seed capital of $3 million from Elevation Capital in February this year. The company intended to build ‘alpha-generating’ decentralised financing strategies for crypto assets like Bitcoin, Ethereum and other coins, and expand globally through this funding.
According to its website, the Singapore-based company is also backed by investors like Farid Ahsan (ShareChat), Mukund Jha (Dunzo), Kush Taneja & 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 Kartik Mishra, the Singapore-based player is aimed at guiding users earn attractive returns on their digital assets while easing the crypto investment process.
Its key value proposition is that it allows users to invest and save in US Dollar-backed stablecoins, apart from multiple blue-chip cryptocurrencies including Bitcoin, Ethereum and others.
It claims to have strengthened its user base by 300% since the beginning of 2022, while registering a 5x rise in its assets under management. Pillow claims that its digital assets platform is a community of more than 75,000 users with users hailing from over 60 countries.