Singapore-based crypto investment startup Pillow has raised $18 million (Rs 148 crore) in Series A funding co-led by Accel, Quona Capital, Elevation Capital, and Jump Capital.
Founded in 2021 by Arindam Roy, Rajath KM, and Kartik Mishra, Pillow is a community of more than 75,000 users in over 60 countries. Within the Pillow app, users can invest and save in US Dollar-backed stablecoins and multiple blue-chip cryptocurrencies including Bitcoin, Ethereum, and others. Pillow has plans to utilise the funds to expand in Africa and Southeast Asia.
"We’re creating 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 Roy, chief executive officer of Pillow, in a statement.
Since the beginning of 2022, the company claims to have grown its user base by 300%, with assets under management having grown five times. In addition, the startup has expanded into Nigeria, Ghana, and Vietnam, among other emerging markets.
“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.