Crypto management app Pillow raises $18M to expand to emerging markets
Founded in 2021 by Arindam Roy, Rajath KM, and Kartik Mishra, crypto management app Pillow has more than 75,000 users in over 60 countries.
Singapore-based crypto management app on Thursday said it raised $18 million in a Series A funding round led by Accel, Quona Capital, Elevation Capital, and Jump Capital.
With the funds raised, the company will expand its services in emerging markets like Nigeria, Ghana, and Vietnam, among others.
Founded in 2021 by Arindam Roy, Rajath KM, and Kartik Mishra, Pillow has more than 75,000 users in over 60 countries. On the Pillow app, users can invest and get returns on their crypto (BTC, ETH, and stablecoins like USDC and USDT) in a simple manner.
Meet Pillow – a crypto management app promising users upto 17.8 pc returns on their investments
In fact, Pillow claims users can earn up to 17.8% returns on their stablecoins and up to 7.05% returns on BTC and ETH. The startup's research team scouts 500+ protocols across 10 different chains to find the safest way to invest user funds and generate these returns.
In a press statement, 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, which enable young, hardworking, ambitious people to take control of their finances, achieve life goals, and work towards financial freedom."
He added, "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.”
In an earlier conversation with The Decrypting Story, Arindam had expressed his views on building the product in a volatile market. “There will always be barriers, but we want to shape our unique path and our avenue towards making Web3 accessible. We will add more asset classes and make them accessible to millions of users,” he said.
Earlier in 2021, the company had raised $3 million from investors, including Elevation Capital, Sandeep Nailwal and Jaynti Kanani (Founders of Polygon), Prabhakar Reddy (Co-founder, ), Aniket Jindal (Co-founder, ), Scott Lewis (DeFi Pulse), Farid Ahsan (Co-founder, ), and Mukund Jha (CTO, ).
Edited by Suman Singh