Crypto management app Pillow raises $18 million in series A funding led by Accel, Elevation Capital and others

• ByStartupStory     |    October 13, 2022

Pillow, a cryptocurrency management app, based in Singapore, announced that it has raised $18 million in Series A fundraising round led by Accel, Quona Capital, Elevation Capital, and Jump Capital on Thursday.

 In order to better serve rising markets like Nigeria, Ghana, and Vietnam, the company has decided to use the newly acquired capital to expand into these countries. With over 75,000 users and a presence in more than 60 countries, 

Pillow was founded in 2021 by Arindam Roy, Rajath KM, and Kartik Mishra. Users of the Pillow app can easily invest their cryptocurrency (including Bitcoin, Ethereum, and stablecoins like USDC and USDT) and receive returns on their investments. Pillow promises a return rate of 17.8% for stablecoins and 7.05% for Bitcoin and Ethereum. To locate the most secure investment option for user cash and create these returns, the startup’s research team scours 500+ protocols across 10 distinct chains.

Arindam Roy, one of the co-founders of Pillow, “We are building a suite of high quality, secure and transparent financial products that will give our users access to global economic opportunities and let them take control of their financial future. ” said in a statement. “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.

 Ganesh Rengaswamy, co-founder and managing partner of Kwana Capital, said Pillow’s offering could “remove the friction of formal financial systems for underserved people while engaging users in savings and investment behavior.”

A group of investors, including Elevation Capital, Sandeep Nailwal and Jaynti Kanani (founders of Polygon), Prabhakar Reddy (co-founder of FalconX), Aniket Jindal (co-founder of Biconomy), Scott Lewis (DeFi Pulse), Farid Ahsan (co-founder of ShareChat), and Mukund Jha (CTO of Dunzo), had given the company $3 million earlier in 2021.

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