Crypto startup Kassio raises a $1.6 Mn pre-seed round led by Aalto Capital and others
- ByStartupStory | April 7, 2022
Kassio, a cryptocurrency platform that allows users to purchase, sell, borrow, earn, and use cryptocurrency, has secured $1.6 million in a pre-seed round headed by Aalto Capital from two prominent European investment groups.
According to a press release, the firm, which was founded by Indian entrepreneurs, plans to use the funds to expand its operations in the Indian and European markets, as well as strengthen its product development process and hire more talent in senior management across legal, compliance, institutional relationships, and design.
The potential of Kassio and its staff was instantly recognized by Swedish investors at Aalto Capital, as well as two large European investment funds. They agreed to invest $1.6 million in the company’s pre-seed round of fundraising in February 2022 in order to accelerate and worldwide scale the company’s aim of bringing crypto into the mainstream.
Kassio, founded in October 2020 by Sachin Singh, Anuj Yadav, and Bharat Vivek, provides choices for users to adhere to the earn feature if trading feels hazardous, and make up to 13% earnings just by changing funds into a stable coin pegged to the USD. It also provides a one-of-a-kind crypto card that allows customers to use their cryptocurrency in everyday life.
While the platform’s product is slated to exit private beta in mid-April in India and mid-May in the EU, the platform already has an AUM (Assets under Management) of $ 16 million and a loan portfolio of $9 million, according to a statement released on Wednesday. The newly raised funds will help us speed up the implementation of the product and future goals.
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