Crypto platform Kassio raises $1.6 mn in pre-seed round

Crypto platform Kassio raises $1.6 mn in pre-seed round

The platform would use the funding to expand workforce and strengthen product development process in India.

Crypto platform Kassio raises $1.6 mn in pre-seed round Crypto platform Kassio raises $1.6 mn in pre-seed round

Kassio, a crypto platform that allows users to buy, sell, borrow, earn and utilise cryptos, has raised $1.6 million in the pre-seed round from two major European investment funds, led by Aalto Capital.

In a release, the firm, founded by Indian entrepreneurs, announced that it will use the funds to launch its operation in the Indian and European markets, further strengthening its product development process and adding more talent to the senior management across its legal, compliance, institutional relationships, and design functions.

Speaking about the fundraise, Sachin Singh, CEO, and co-founder of Kassio, said, "This successful pre-seed funding round is a testimony to the strength of our project Kassio, its roadmap, offerings, and the innovation that brings together crypto investment and much-required crypto utility features".

Swedish investors at Aalto Capital, along with two major European investment funds, immediately saw the potential of Kassio and its team. In February of 2022, they decided to invest $1.6 million in the company's pre-seed round of funding to accelerate and globally scale the company's mission of making crypto mainstream. 

Shayan Khan, Partner at Aalto Capital, added, "While crypto is the next biggest equaliser after the Internet revolution, Kassio, with its strong offerings, is a project that changes the whole dynamics of the community. I am confident that Kassio will be instrumental in providing quality crypto offerings to end-users and bring about the change that the world has been waiting for in this ecosystem."

The platform announced in a statement on Wednesday that while its product is set to exit private beta in mid-April in India and mid-May in the EU, the platform already has an AUM (Digital Assets under Management) worth $ 16 million and a loan playbook of $9 million.  The freshly raised round will accelerate the execution of the product and plans in the pipeline.

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Published on: Apr 06, 2022, 12:54 PM IST
Posted by: aakanksha chaturvedi, Apr 06, 2022, 12:51 PM IST