Image credits: Unstoppable Finance
Unstoppable Finance, a Berlin-based fintech firm, announced on Wednesday that it has secured €12.5M in a Series A round of funding led by Lightspeed Venture Partners.
New investor Anagram also participated in the round along with existing investors Speedinvest, Rockaway Blockchain Fund, Backed, Inflection, Discovery Ventures, and Fabric Ventures.
The Series A round was closed in early July, nine months after raising €4.5M in a Seed round.
Fund utilisation
The German company says it will use the funds to launch and scale its DeFi wallet & investing platform, Ultimate, announced last month. Soon after the official announcement, the platform quickly garnered interest from over 300K beta users globally who joined the waitlist, says the company.
Maximilian von Wallenberg-Pachaly, co-founder and CEO of Unstoppable Finance, says, “We are proud and excited to attract such prominent investors, especially during this tough market environment. With this funding, we’ll pursue our mission to bring DeFi to retail investors worldwide with our app Ultimate. We’d like to thank our old and new investors for their vote of confidence and trust in our product and our mission.”
Unstoppable Finance: What you need to know
Founded by Max von Wallenberg-Pachaly, Peter Grosskopf, and Omid Aladini, Unstoppable Finance aims to bring Decentralised Finance (DeFi) to the masses with its self-custody wallet called Ultimate.
Ultimate is a mobile app that gives investors easy access to vetted and verified Decentralised Finance (DeFi) opportunities. The German company says the word ‘Ultimate’ comes from its popular slogan “Programmable money is Ultimate money.”
The wallet will not take custody of users’ assets, meaning users will retain control of their private keys, but have the option to back them up in the cloud to protect against accidental loss.
The first version of the wallet will run on the Solana blockchain, with a subsequent Ethereum integration fulfilling the wallet’s multi-chain vision.
Users can interact with three protocols with the initial version of the wallet. They are
- Orca exchange – Used for trading.
- Lido Finance – Enables liquid staking, where users can earn 5 per cent APR on their Solana tokens.
- Friktion Finance – A protocol that allows users to generate returns via automated option trading strategies, currently yielding between 14 to 29 per cent APY on various Solana-based tokens.
The company promises to increase investment opportunities in the future to earn a yield on crypto assets and stablecoins, and swap assets on decentralised exchanges conveniently.
The mobile wallet will be launched in private Beta in the next few days, with the public iOS launch planned in a few months. After that, the app will be launched on the Android platform, says the company.
Banafsheh “B” Fathieh, founding partner at Lightspeed Faction and advisor at Lightspeed Venture Partners, says, “From our first conversations with the Unstoppable Finance founders, we recognised a strong team with a big vision. Max, Peter, and Omid have an impressive track record of building great FinTech and Crypto products, and we are confident they’ll build the missing conduit between the DeFi world and retail investors.”
Catch our interview with Paul Down, Head of Sales at Intigriti.
