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Crypto start-up Flint raises USD 5.1 mn
With the goal of becoming a one-stop-shop for investors seeking exposure to crypto assets, Bengaluru start-up, Flint has raised a $5.1 million seed round led by Sequoia Capital India and GFC.
Coinbase Ventures, Hashed, IOSG, Better Capital 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. Angel investors included Kunal Shah (Founder, CRED), Sandeep Nailwal (Co-founder, Polygon), Jaynti Kanani (Co-founder, Polygon), Do Kwon (Founder, Terra), Nitin Gupta (Co-founder, Uni).
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.
Flint is a part of a new class of crypto start-ups that aims to offer a unique investment opportunity to investors beyond buying and selling crypto, enabling them to earn passive income in a convenient manner. Founded in October 2021, it offers a simple and stable income opportunity where users can earn up to 13% p.a. on their deposited funds. Flint doesn’t expose users to volatile crypto assets like Bitcoin or Ethereum. It only deals with stable cryptocurrencies like USDT, USDC, that are free from crypto price fluctuations.
Flint founders, Akshit Bordia and Anshu Agrawal, former product managers at CRED, started operations in January.