Flint, a Bengaluru-based cryptocurrency startup, has raised $5.1 million in a seed round led by Sequoia Capital India and GFC. Coinbase Ventures, Hashed, IOSG, Better Capital, Antler India, and MSA Capital were among the 11 institutional investors who participated in the round.
The valuation at which the funding was raised was not disclosed by the company.
This funding round was also attended by over 60 angel investors from around the world. Kunal Shah, founder of CRED, Sandeep Nailwal, co-founder of Polygon, Kunal Bahl, co-founder of Snapdeal via Titan Capital, comedian Tanmay Bhat, Abhishek Nag, director of Netflix, and Marc Bhargava, Strategy, Coinbase were among the angel investors.
According to the company, the new funds will be used to accelerate the onboarding of early users, improve the product based on early feedback, and hire for senior positions in engineering, design, and product functions.
Flint also intends to use a sizable portion of the funds 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.
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