Singapore-based crypto investment platform Pillow has raised $18 million in Series A funding co-led by Accel, Quona Capital, Elevation Capital, and Jump Capital. Elevation Capital was also the first seed investor in Pillow, having led the round in 2021.

Founded in 2021 by Arindam Roy, Rajath KM, and Kartik Mishra, the Pillow platform says it has a community of more than 75,000 users in over 60 countries. Within the Pillow app, users can invest and save in US Dollar-backed stablecoins as well as multiple blue-chip cryptocurrencies, including Bitcoin, Ethereum, and others.

The platform aims to provide democratised access to digital assets by creating simple, transparent, and accessible products including crypto investing, crypto savings, crypto payments, and other financial services. Pillow said it has plans to do even more to enhance the personal financial journeys of people in emerging markets such as Africa and Southeast Asia. 

Arindam Roy, CEO of Pillow, said, “At Pillow, we aspire to create and reward a culture of disciplined personal finance, including savings and investments powered by access to digital assets, that enables young, hardworking, ambitious people to take control of their finances, achieve life goals, and work towards financial freedom.”

The company said it has grown its user base by 300 per cent, with assets under management having grown five times. In addition, the company has expanded into Nigeria, Ghana, and Vietnam, among other emerging markets.

“What Pillow is building can remove the friction of formal financial systems for the underserved while engaging users in savings and investing behaviors. Quona is excited to support the company on its journey,” said Ganesh Rengaswamy, co-founder and managing partner at Quona.