• Monday, July 15, 2024
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Singapore-based digital asset firm attracts $18m, to expands in Nigeria, others

Singapore-based digital asset firm attracts $18m,to expands in Nigeria, others

Pillow, a digital asset management platform has raised $18 million in Series A funding, in a bid to democratise access to digital assets for emerging market investors including Nigeria.

The Series A funding was co-led by Accel, Quona Capital, Elevation Capital and Jump Capital. Founded in 2021, the Singapore-based platform has a community of more than 75,000 users in over 60 countries that invest and save in US Dollar-backed stablecoins, as well as multiple blue-chip cryptocurrencies including Bitcoin, Ethereum and others.

“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,” Arindam Roy, chief executive officer at Pillow said.

Read also: In a race for financial inclusion, SKY Girls penetrates Nigeria’s market

Roy further said that they are 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 percent, with assets under management having grown 5x.

“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 behaviours. Quona is excited to support the company on its journey.”