January 25

Crypto startup Flint has raised a $5.1 million seed round from Sequoia Capital India and GFC along with the participation of Coinbase Ventures, Hashed, IOSG, Better Capital and MSA Capital among others.

Over 60 angel investors across the globe also participated in this funding round. Angel investors in the company include Kunal Shah (Founder, CRED), Sandeep Nailwal (Co-founder, Polygon), Jaynti Kanani (Co-founder, Polygon), Do Kwon (Founder, Terra), Nitin Gupta (Co-founder, Uni), Amulya Goyal (MD, Large global bank), Kunal Bahl (Co-founder, Snapdeal via Titan Capital), Rohit Bansal (Co-founder, Snapdeal via Titan Capital), Tanmay Bhat, Sanat Rao (GP, Blocktower Capital), Abhishek Nag (Director, Netflix India), Ajit Tripathi (Head of business at Aave), Marc Bhargava (Strategy, Coinbase) and Mahdi Raza (Ex-Robinhood).

The fresh capital will be used to bring early users on board, enhance the product based on early feedback, and hire for senior positions across engineering, design and product functions. 

Investment opportunity

Flint also plans to allocate a significant portion of the funding to strengthen legal and risk functions, ensuring compliance with legal and regulatory norms, while also going above and beyond market standards to reduce business risk. Flint aims to offer a unique investment opportunity to investors beyond buying and selling crypto, enabling them to earn passive income in a convenient manner.

Founded in October 2021, Flint doesn’t expose users to volatile crypto assets like Bitcoin or Ethereum. It only deals with cryptocurrencies like USDT, USDC, etc., that are free from crypto price fluctuations.  Flint also provides the flexibility of having no ‘lock-in period’ where users can withdraw their funds at any time without any fees.

Making crypto accessible

Anshu Agrawal, Co-Founder of Flint, said, “Flint’s mission is to make cryptocurrencies easy and accessible to everyone. We are at the tip of the iceberg and the opportunity that Web3 provides for the world is massive. As a brand, we simply intend to demystify crypto, provide easy-to-use products, and introduce a billion people to our inevitable future, ensuring Web3 becomes a part of our everyday lives. We also want to thank all our investors for placing their trust in us, our mission, and for joining hands with an aim to make Flint the first-choice crypto app across the globe, where users can earn high and stable yields on their crypto assets via plenty of investment opportunities”.

“Just the way billions of people were on-boarded onto the internet in the last decade, billions of users will be on boarded onto web3.0 in the next few years. We believe Anshu, Akshit and the Flint team bring the right background in building consumer products as well as the Web3 DNA that can enable massive distribution, and offer best-in-class and easy-to-understand financial products to its users,” said Aakash Kapoor, VP, Sequoia India.

“Indian demand for crypto investment products is highly underserved and inaccessible to most. We believe Flint’s vision to lower the barriers to entry for retail investors to access crypto investments, within a modest risk profile akin to fixed deposits, is crucial for onboarding and enabling the underbanked to build wealth. We have benchmarked and invested in similar models globally and believe Anshu and Akshit to be amongst the best young entrepreneurs we’ve encountered,” said Ben Harburg, Managing Partner, MSA Capital.