Folks Finance, a trailblazer in the DeFi space, announced at Web Summit 2024 that it has successfully raised $3.2 million in an oversubscribed Series A round, led by Borderless Capital, at a remarkable valuation of $75 million. The round attracted additional investment from key players such as SOVO Ventures, Mapleblock, Algorand Ventures, and more, bringing the total funding into Folks Finance to an impressive $6.2 million.<\/p>\n\n\n\n
This new influx of capital follows the company\u2019s successful 2022 seed round, which saw participation from top investors like Borderless Capital, Coinbase Ventures, Jump Crypto, OKX Ventures, ParaFi Capital, and others.<\/p>\n\n\n\n
The funds will be used to accelerate the expansion of Folks Finance’s innovative xChain app\u2014a pioneering solution that empowers users to seamlessly lend, borrow, and trade assets across multiple blockchains, including Avalanche, Base, Ethereum, Arbitrum, and BNB Chain, with plans for more network integrations in the near future.<\/p>\n\n\n\n
Since its mainnet launch in 2022, Folks Finance has rapidly scaled, now supporting over 15,000 active wallets monthly, solidifying its position as the leading DeFi app on the Algorand blockchain with an all-time high TVL of $220 million.<\/p>\n\n\n\n
Folks Finance is redefining decentralized finance by creating a powerful alternative to centralized exchanges. By unifying fragmented liquidity across networks, it offers users more efficient, transparent access to DeFi markets. The platform’s robust suite of tools includes lending, borrowing, swaps, loan loops, liquid staking, looped liquid staking, a DEX router, and a fiat on\/off ramp\u2014empowering users to take full control of their digital assets.<\/p>\n\n\n\n
Leveraging Chainlink CCIP, Wormhole, and Circle CCTP, the xChain app allows users to deposit assets on one blockchain and borrow on another, providing unprecedented flexibility and efficiency across ecosystems.<\/p>\n\n\n\n
With strong investor backing and a clear mission to solve liquidity and interoperability challenges in DeFi, Folks Finance is revolutionizing the space\u2014making DeFi more accessible, scalable, and efficient for all users.<\/p>\n\n\n\n
KEY QUOTES:<\/strong><\/p>\n\n\n\n \u201cWe\u2019ve been proud supporters of Folks Finance from the start. With a solid foundation in place, the opportunities for them to scale are immense. They\u2019re addressing one of DeFi\u2019s most pressing issues\u2014the fragmentation of liquidity across isolated ecosystems. Their approach to interoperability is setting a new standard and will redefine how users manage assets across multiple networks. We\u2019re excited for their future growth and innovation.\u201d \u201cThe future of DeFi is crosschain, and with our xChain app, we\u2019re giving users unmatched crosschain flexibility and efficiency. This funding will enable us to continue pushing the boundaries of innovation and expand our vision of a truly multichain DeFi hub.\u201d Folks Finance, a trailblazer in the DeFi space, announced at Web Summit 2024 that it has successfully raised $3.2 million in an […]<\/p>\n","protected":false},"author":3,"featured_media":3041,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,25],"tags":[],"class_list":["post-3039","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-funding-round","category-news"],"yoast_head":"\n
\u2013 Amit Mehra, Partner at Borderless Capital<\/strong><\/p>\n\n\n\n
\u2013 Benedetto Biondi, CEO of Folks Finance<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"