Fonbnk Inc. a DeFi startup focused on emerging markets has raised USD 3.5mn for its oversubscribed seed round that attracted a wide-range of investors—from crypto investors to pure-play VCs. The round was anchored by New Form Capital with participation from Kraken Ventures, North Island Ventures, affiliates of MEXC Global, Principle Ventures, Formless Capital, Republic Capital and Audacity Fund.
Other investors were Pharell Williams (via Black Ambition), Hustle Fund, Industrious Ventures, Lightspeed Ventures, Allied Venture Partners, Seed9, Draper Frontier Ventures, Techstars, Western Union, EchoVC Partners, GP Ventures and Pax Angels.
About Fonbnk Inc.
The startup describes itself as a mission-led crypto Web3 company that acts as a bridge to traditional financial services for unbanked and underbanked users. Its mobile application gives users access to digital currencies such as stablecoins, Bitcoin, Ethereum, NFTs and P2E crypto games.
The company’s app is live across significant sub-Saharan African countries.