Bengaluru-based crypto startup, Flint, has raised a $5.1 million seed round led by Sequoia Capital India and GFC. Coinbase Ventures, Hashed, IOSG, Better Capital, Antler India and MSA Capital also participated in the round as part of 11 institutional investors.
Over 60 angel investors across the globe also participated in this funding round.
The angel investors included Kunal Shah, founder, CRED; Sandeep Nailwal, co-founder, Polygon; Kunal Bahl, co-founder, Snapdeal via Titan Capital; comedian Tanmay Bhat, Abhishek Nag, director, Netflix; and Marc Bhargava, Strategy, Coinbase, among others.
As per the company, the fresh capital will accelerate bringing early users on board, enhance the product based on early feedback, and hire for senior positions across engineering, design and product functions.
Flint also plans to allocate a significant portion of the funding to strengthen legal and risk functions, ensuring compliance with legal and regulatory norms, while also going above and beyond market standards to reduce business risk.
Commenting on fund raising, Anshu Agrawal, co-founder of Flint, said, “We are at the tip of the iceberg and the opportunity that Web3 provides for the world is massive. As a brand, we simply intend to demystify crypto, provide easy-to-use products, and introduce a billion people to our inevitable future, ensuring Web3 becomes a part of our everyday lives.”
Founded in October 2021, the company currently offers stable income opportunities where users can earn up to 13% per annum on their deposited funds.
The company doesn’t offer volatile crypto assets such as bitcoin or Ethereum, but only deals with stable cryptocurrencies or stablecoins such as tether (USDT), USD Coin (USDC), etc.