Flint raises $5.1Mn seed capital
Global crypto investment app Flint, has raised $5.1 million in seed funding led by Sequoia Capital India and GFC.
Along with other 11 institutional investors and angels, Coinbase Ventures, Hashed, IOSG, Better Capital, Antler India and MSA Capital participated in the round, including CRED Founder Kunal Shah, Snapdeal Co-Founders Kunal Bahl and Rohit Bansal, etc.
The company said 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 allot a significant portion of the funding to strengthen legal and risk functions, ensuring compliance with legal and regulatory norms, and going above and beyond market standards to reduce business risk.
The company only deals with stable cryptocurrencies or stablecoins such as tether, USD Coin, etc. rather than offering volatile crypto assets such as Bitcoin or Ethereum. The company currently offers a simple and stable income opportunity where users can earn up to 13% per year on their deposited funds.
The platform targets users in the age group of 25 to 40 who lack the time to invest in understanding the complexities and fundamentals of the crypto market but are looking to diversify a portion of their wealth into crypto, and are financially stable.
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