Accel and Quona Capital lead $18 million round into crypto investment app

Venture capital firms Accel and Quona Capital have led an $18 million round into Singapore-based crypto investment app Pillow. 

Elevation Capital and Jump Capital also took part in the round according to an announcement by founder Arindam Roy on LinkedIn. 

Pillow is a consumer-focused DeFi app available on iOS and Android that aims to give users returns on ETH and stablecoins USDC and USDT, with returns up to 6% and 10.42% respectively. It does this by funneling user funds into DeFi protocols, which it claims its research team actively look at to ensure user safety. 

"The last year has been incredibly humbling for us. We've had the privilege of serving users in over 60 countries and learning about how people interact with digital assets worldwide," said Roy in the post. "We now move to the next phase of our journey, one where millions of users worldwide are able to meaningfully interact with digital assets without barriers of geography, education, or infrastructure." 

According to a Techcrunch report, the company has more than 75,000 users in over 60 countries with a focus on emerging markets such as Africa and Southeast Asia. 

The news comes as consumer-focused crypto apps continue to gain interest from investors. Last month, former Revolut employees raised $3.5 million from Index Ventures to build crypto investment app Solvo. Previously, non-custodial wallet company Unstoppable Finance raised a €12.5 million ($12.15 million) round led by Lightspeed Ventures.