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London-based crypto banking services platform Cashaa has raised $5 million from Dubai-based blockchain investment and advisory firm, O1ex.
The company will use the funding for its expansion plans in India, Africa and Caribbean countries by launching neo banks, which will pave the way for crypto-friendly banking in the markets, the company said in a statement.
Previously, Cashaa had raised $33 million during the token sale in 2017.
“India has a tremendous potential in its fin-tech sector. We believe that the next big evolution in the banking and crypto space can actually happen from India. Hence, we have been actively working on developing products, working on our infrastructure and recruitments to power our entry into the Indian market,” said Kumar Gaurav, Chief Executive Officer and Founder, Cashaa.
“Apart from India, we will also tap into the African and Caribbean market,” he added.
Cashaa will also use part of the funds to patch a Bitcoin hack that occurred in July this year.
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