The Pillow, cryptocurrency investing platform, owned by Pillow Digital Technologies Pte Ltd, secured $18 million in funding on Wednesday as part of a Series A funding round that was also co-led by Accel, Quona Capital, Jump Capital, and Elevation Capital, an existing investor.
The digital personal finance platform wants to hasten the adoption of cryptocurrency services in developing nations including those in Africa and Southeast Asia with the help of this fundraising round. But it has already reached a few developing nations, including Vietnam, Ghana, and Nigeria, among others, as per reported by VCCircle.
Founded in 2021 by Arindam Roy, Rajath KM, and Kartik Mishra, the Singapore-based Pillow is a digital asset management app that helps users get the best returns on their digital assets with none of the associated hassles.
“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, founder & CEO of Pillow said.
It asserts that since the start of 2022, its user base has grown by 300%, and its assets under administration have increased by 5x. With members from more than 60 different countries, Pillow boasts that its digital assets platform has a community of more than 75,000 individuals.
“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 their solutions,” said Vaas Bhaskar, principal at Elevation Capital.
In February of this year, the firm in digital asset management secured $3 million in seed funding from Elevation Capital.
Pillow aims to make participation in DeFi as simple as possible, by abstracting out all technical, security, and strategic concerns.