Pillow, a crypto investment startup based in Singapore has generated $18 million in a round that was jointly led by Quona Capital and Accel, a private equity firm that recently co-led a seed round with Citi Ventures to raise $6 million for Xalt.
Together with Accel, Quona Capital, and other existing investors, Pillow raised capital that will make it easier for interested customers to enter the crypto market. Elevation Capital and Jump Capital were the other investors who backed the Series A funding round.
Markedly, Elevation Capital was the first investor in Pillow in 2021. The firm which was founded in 2021 by Arindam Roy, Rajath KM, and Kartik Mishra creates simplified and understandable interphase that permits users to save, spend and invest.
They can perform all of these functions with the United States dollar-pegged stablecoins like the USD Coin (USDC) and Tether (USDT), as well as majorly recognized cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). The digital asset management app operates with the aim of providing incoming users with an experience that is without hassles like gas fees, bridging, and security.
Pillow Reduce Hassle For Crypto Investments
Notably, the Pillow app is designed in such a way that makes for easy usage, especially for non-technical users. Users would need to signup with their email addresses, then submit their information as a way of completing the Know-Your-Customer (KYC) process which is mandated by the app.
Submission of identification documents such as selfies photos and similar I.D.s in compliance with anti-money-laundering regulations will also be requested.
Pillow has over 75,000 users across over 60 countries worldwide with its largest user base from Nigeria in West Africa. The company has grown its user base by 300 percent, while its assets under management (AUM) have grown five times. Expansion for Pillow has reached Nigeria, Ghana, and Vietnam, among other emerging markets.
The Chief Executive Officer of Pillow Arindam Roy 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 enables young, hardworking, ambitious people to take control of their finances, achieve life goals, and work towards financial freedom.”