Flint, which was founded in October 2021, now gives users the opportunity to earn up to 13% per year on their deposited assets. The new funds will be used to speed up the onboarding of early customers, improve the product based on early feedback, and add senior engineers, designers, and product managers.
Flint, a crypto business based in Bengaluru, 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 startup raised the funds was not disclosed.
Around 60 angel investors across the world also participated in this investment round. The angel investors included Kunal Shah, founder, CRED; Sandeep Nailwal, co-founder, Polygon; Kunal Bahl, co-founder, Snapdeal via Titan Capital; comedian Tanmay Bhat, Abhishek Nag, director, Netflix; and Marc Bhargava, Strategy, Coinbase, among others.
Commenting on the investment, 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.”
According to the company, the new funds will be used to accelerate the onboarding of early customers, improve the product based on early feedback, and hire for senior jobs in engineering, design, and product functions.
Flint also intends to use a large percentage of the funds to expand its legal and risk functions, guaranteeing compliance with legal and regulatory standards while also going above and above market standards to decrease business risk.
The company does not deal in volatile crypto assets like bitcoin or ethereum, instead of focusing on stable cryptocurrencies and stablecoins like tether (USDT), USD Coin (USDC), and others.