Next-generation decentralized finance (DeFi) crypto wallet provider, Unstoppable Finance has secured $12.8 million in a Series A funding round. The funding round was backed by several venture capitals and investors. Leading the round is Lightspeed Venture, a multi-stage oriented global venture capital.
Other investors who supported the round are a Prague traditional crypto venture capital investor Rockaway Blockchain Fund, Inflection, Discovery Ventures, and Anagram. Two of its previous investors, Speedinvest and London-based decentralized network VC, Fabric Ventures joined the round. Unstoppable Finance hopes to boost its non-custodial DeFi wallet ‘Ultimate’ with the generated fund.
Precisely, the German-based fintech company wishes to embrace the mainstream audience and make DeFi easily accessible to them. It plans to achieve this by compressing the offerings available to the audience.
The German fintech company completed its first funding which was a seed round in October last year. The total fund generated from that seed round was $4.58 million.
Unstoppable Finance seed round enjoyed participation from Speedinvest, Inflection, Backed, Cadenza, Discovery Ventures, Fabric Ventures, and Rockaway Blockchain Fund. Also part of the investors were well-known Angels from the Ethereum (ETH)/Polkadot ecosystem, Centrifuge, and Fractal.
So far, this brings the funding that Unstoppable Finance has raised altogether to $17.4 million.
Unstoppable Finance ‘Ultimate’ Promotes User-Friendly Ecosystem
Ultimate, the non-custodial wallet is a mobile app that allows users access to several DeFi protocols.
Invariably, this access is extended to the audience so as to reduce the struggle in investing and trading. The wallet tries to offer users the same experience served by fintech apps. Unstoppable’s team behind the development of the wallet thinks it is more user-friendly and attractive.
Banafsheh “B” Fathieh, a founding partner at Lightspeed Venture blockchain fund, Faction VC, stated that solutions already exist for users who want to explore the DeFi space. During an interview, speaking of the ‘Ultimate’ she mentioned that “This product is for someone who doesn’t necessarily want to go through and read every crypto whitepaper,”
On a personal note, last month Lightspeed Venture Capital raised $7 billion across to sponsor four new funds.