Qiro Finance, a decentralized finance (DeFi) startup, has successfully raised $1.2 million in a pre-seed funding round led by Alliance, an early-stage web3 accelerator. Additional support came from Druid Ventures, Escape Velocity (EV3), Trident Digital, and CMT Digital.
In addition to these investments, Qiro Finance received a 100,000 MATIC grant from Polygon’s Village Build Ideas Program and a $50,000 development grant from the Aptos Foundation.
The raised capital will be channeled towards supporting the development and expansion of Qiro Finance. The startup will focus on product development and ecosystem expansion to realize its vision of revolutionizing the private credit market.
Initially targeting fintech asset originators in Southeast Asian markets, the company has plans for expansion into other emerging markets. By leveraging DeFi and Blockchain technology, Qiro Finance aims to establish a more transparent, efficient, and accessible credit ecosystem.
Qiro Finance was founded by Akshay Poshatwar and Nishikant Bahalkar with the objective of bridging the significant credit gap prevalent in emerging markets. This gap is primarily attributed to the dominance of risk-averse banks in the credit market.
The startup seeks to address this gap by creating a decentralized credit protocol that connects asset originators in emerging markets with global investors using blockchain and stablecoin technology. Headquartered in Singapore, Qiro Finance is poised to revolutionize the credit landscape in emerging economies.
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