Cashaa, a fiat and cryptocurrency neo bank is set to launch its $20 million venture fund post its exit from Unicas in India. The firm plans to invest in 20 to 50 Web 3 start-ups and projects across various sectors such as metaverse, NFT (non-fungible tokens), trade finance, banking, yield apps, and layer 1 and 2.
The fund is expectedto invest mostly in projects targeting the high-growth market like India.
Recently, Cashaa exited Unicas in India, a joint venture it set up with United Multistate Co-op Society almost two years ago. The venture was Cashaa’s maiden attempt to enter the personal crypto-banking market after operating in B2B crypto banking. The deal was a management buyout in which Unicas bought the stake of Cashaa’s management.
Decentralised financial system
Kumar Gaurav, Founder and Chief Executive Officer (CEO), told Businessline that post the exit, it is looking to venture into peer and decentralised financial systems, and gaming marketplaces. “Europe and the US are our primary markets. We are also looking for India, Japan, Korea, and the Middle East,” he added.
Cashaa is keeping a close eye on the Indian market through its business customers — CoinDCX, Bitbns, Unocoin, and others. The company will soon release a focused personal account product for the Indian market, Gaurav added.
Cashaa started as a peer-to-peer money transfer platform that transformed into a neo-bank in the UK. It helps businesses to access banking infrastructure and deliver products to their users.