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Cryptocurrency-based financial products platform Vauld has raised $25 million in its series A funding round, led by German-American billionaire Peter Thiel’s Valar Ventures.

Investors such as Pantera Capital, Coinbase Ventures, CMT Digital, Gumi Cryptos, Robert Leshner, and Cadenza Capital, among others, also participated in the funding round, the company said.

Funds from the round will be used to fuel the Singapore-based startup’s international growth and licensing, as well as help expand its retail crypto banking and investing platform.

“This capital will help propel Vauld to the next level. We built a platform that is truly user-first and we are humbled that Valar Ventures shares in our vision,” Darshan Bathija, Co-founder and CEO of Vauld said in a press release.

The startup posted a 124.4 percent increase in AUM from Q1 to Q1, it said, adding it will also use the capital to hire at least 100 new team members.

“While Vauld is headquartered in Singapore, the majority of our team is in India, and we’ve seen more than 200x growth in our global user base over the last year. We have a clear foothold in India and Valar’s investment is a true testament to the optimism we share for the large and emergent Indian market,” Darshan added.

The startup has raised nearly $27 million in funding since it was founded in 2018 by Darshan and Sanju Kurian. It supports over 30 cryptocurrencies, and claims to offer the most competitive rates to users, across 160 countries, for its products.

“What cemented the deal is Vauld’s global positioning and ambitions and the vision Darshan and his team have for building their customers’ wealth through crypto. We look forward to Vauld benefiting from our team’s expertise in understanding how to build a global business across emerging tech hubs in Europe, Asia, and North America,” Andrew McCormack, Co-founder of Valar Ventures, said in the press statement.