Crypto Investment Startup Flint Banks Raises $5.1M In Seed Funding

Announcements, Investing, News | January 25, 2022 By:

Crypto startup Flint has raised a USD $5.1 million in a seed funding round led by Sequoia Capital India and GFC. The round also saw participation from Coinbase Ventures, Hashed, IOSG, Better Capital and MSA Capital. Over 60 angel investors across the globe contributed to this funding round as well.

Based in India, Flint is a global crypto investment app, which brings together passive income generating opportunities in the crypto market. Flint is ideal for investors looking to get crypto exposure but do not have enough time to do active buying/selling of tokens. Flint’s first offering provides simple diversification to crypto users with returns up to 13% per annum on stable coins, without any lock-in period.

The company recently announced its early access, under which they planned to open 25,000 slots but it has already been oversubscribed as over 75,000 users from 78 countries have signed up. Southeast Asia participated in a significant manner with around 40% of the users belonging to this region.

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.

Anshu Agrawal, Co-Founder of Flint, said that the company’s mission is to make cryptocurrencies easy and accessible to everyone.

“We are at the tip of the iceberg and the opportunity that Web3 provides for the world is massive,” said Agrawal. “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. We also want to thank all our investors for placing their trust in us, our mission, and for joining hands with an aim to make Flint the first-choice crypto app across the globe, where users can earn high and stable yields on their crypto assets via plenty of investment opportunities.”

Sequoia India VP Aakash Kapoor believes that billions of users will be on boarded onto web3.0 in the next few years just like billions of people were on-boarded onto the Internet in the last decade.

“We believe Anshu, Akshit and the Flint team bring the right background in building consumer products as well as the web3 DNA that can enable massive distribution, and offer best-in-class and easy-to-understand financial products to its users,” Kapoor said.