General News
Crypto Investment Platform Pillow Attracts $18M Funding Round, Expands in Nigeria
Democratised access to digital assets is key to getting emerging market investors on a level playing field, giving them the opportunity to take control of their finances and battle the dual challenges of inflation and the rising costs of living.
Helping them on this journey, crypto investments platform Pillow is creating simple, transparent, accessible products including crypto investing, crypto savings, crypto payments and other financial services.
Underscoring the importance of its mission, today Singapore-based Pillow announced it has raised $18 million in Series A funding co-led by Accel, Quona Capital, Elevation Capital and Jump Capital. Elevation Capital were also the first Seed investors in Pillow, having led the round in 2021.
Founded in 2021 by Arindam Roy, Rajath KM, and Kartik Mishra, the Pillow platform is a community of more than 75,000 users in over 60 countries who are taking control of their financial lives by saving and investing using digital assets.
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 company is just getting started; Pillow has plans to do even more to elevate the personal finance 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 enable young, hardworking, ambitious people to take control of their finances, achieve life goals and work towards financial freedom.
“We’re creating a suite of high-quality, secure, and transparent financial products that will grant our users access to global economic opportunities and let them take control of their financial future.”
Since the beginning of 2022, the company has grown its user base by 300%, with assets under management having grown 5x. In addition, the company has expanded into Nigeria, Ghana, and Vietnam, among other emerging markets.
“Borderless, permissionless money has the power to change lives, particularly in emerging markets, and it can bring more people into financial systems,” said Ganesh Rengaswamy, co-founder and managing partner at Quona.
“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.”
Digital assets and decentralised finance are opening up access to global economies across the world by operating on borderless systems without relying on centralised entities. The challenge is in making it simple and user-friendly enough for mass adoption.
Arindam, Rajath, and Kartik’s mission is to create a safe, accessible, borderless crypto investment platform and make digital assets accessible to everyone globally.
Vaas Bhaskar, Principal at Elevation Capital said “The lack of intuitive, user friendly platforms is a big impediment to large-scale adoption of digital assets as an investment class, and Pillow is doing a phenomenal job in bridging this gap.
The growth they’ve been able to achieve since inception is testament to the quality and seamlessness of the solution. We’re sure that this is just the beginning and are excited to partner on this mission to build the leading emerging markets digital asset management company.”
Pratik Agarwal, Principal at Accel said “Pillow aims to recreate the financial experience for consumers who struggle with access, on crypto rails. We’re excited to work with the Arindam, Karthik, Rajath and the team in reimagining what financial opportunity and inclusion looks like in the digital age for global emerging and frontier markets.”
Federal government has temporarily suspended the controversial annual dues imposed on public interest enterprises by the Financial Reporting Council (FRC) after fierce opposition from businesses.
Jumoke Oduwole, minister, Industry, Trade, and Investment, announced the decision during a Ministerial Consultative Meeting in Abuja on Wednesday.
The move follows mounting pressure from private sector groups, including the Nigeria Employers’ Consultative Association (NECA) and the Manufacturers Association of Nigeria (MAN), who slammed the Financial Reporting Council (Amendment) Act 2023 for burdening companies with excessive fees.
The Act mandates cumulative annual charges for non-listed entities and imposes a harsh 10% monthly penalty on unpaid dues, compounding until full payment, a provision that sparked widespread backlash.
At the meeting, major industry players like NECA, MAN, the Nigerian Association of Chambers of Commerce (NACCIMA), oil producers, and telecom operators warned that the fees would cripple businesses already struggling in a tough economy.
Oduwole clarified the suspension, stating, “The government has decided to direct the Financial Reporting Council to pause in the implementation of the new annual dues. You know that I am a lawyer, and a suspension request by the organised private sector would be in contravention of legislation duly passed by the National Assembly. A pause is an administrative process simply to review, in line with what we discussed today.”
She assured stakeholders that the halt would last no longer than 60 days, with a technical working group—including FRC officials and private sector representatives—set up to reassess the policy.
“We are a listening administration. The private sector has requested a range from three months to an indefinite suspension. We are not going to do that. So, at the most, 60 days is in my estimate. We are going to set up a technical working group comprised of the FRC and the organised private sector who have formally written in, and this will be reviewed,” Oduwole emphasized.
The Standards Organisation of Nigeria (SON) says it is intensifying efforts to standardise locally manufactured products, including Made-in-Aba brands, in order to enhance both local and international acceptance.
Aharanwa Chuks, Director of Region (South East), SON, communicated this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja.
Chuks said through the Mandatory Conformity Assessment Programme (MANCAP), SON ensured that all Nigerian-made products conformed to the relevant Nigerian Industrial Standards (NIS).
According to him, MANCAP involves direct engagement with manufacturers to certify that their products meet established quality benchmarks.
“This process includes inspecting production facilities, sampling products and testing them against NIS requirements.
“Successful compliance results in the issuance of the MANCAP certification, signifying adherence to quality standards.
“In Aba, SON has been proactive in educating manufacturers about standardization.’’
The director said SON also conducted stakeholder interactions; gathering manufacturers from various sectors to provide guidance on producing goods that met both local and international standards.
“For instance, leather manufacturers in Aba have been sensitized on standardization practices to enhance the global competitiveness of their products.
“Manufacturers are encouraged to collaborate with SON to obtain MANCAP certification, ensuring their products are not only marketable within Nigeria but also competitive internationally.
“This initiative aims to boost consumer confidence and promote the acceptance of Made-in-Aba products globally,” Chuks said.
Operatives of the Economic and Financial Crimes Commission (EFCC), has busted a Ponzi Scheme Academy and arrested 133 suspects in Abuja.
They were arrested at the Compensation Layout in Gwagwalada area of the Federal Capital Territory, FCT, Abuja, following actionable intelligence on the existence of the Academy.
The Academy, named Q University (a.k.a Q-Net) is in the business of recruiting gullible young Nigerians who are trained to recruit more gullible citizens into the scheme with the promise of getting unrealistic profit returns.
The suspects are enrolled into a training codenamed: “Special Training for New Generation Billionaire” and brainwashed to believe that they would graduate into the league of billionaires.
They got into the training by obtaining a form the promoters called “Independent Representative Application Form” with promotional slogans such as: “I’m a Champion” “I’m Unstoppable”, “I’m Infinity”, among others.
The EFCC carried out the operation in collaboration with officers and men of 176 Guards Battalion, Nigerian Army.
Items recovered from the suspects include phones, computers and other electronic gadgets.
They will be charged to court as soon as investigations are concluded.
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