Singapore fintech firm Wind.App has announced a successful $3.8 million pre-seed funding round.
The firm said in a statement on Tuesday that the round was co-led by Global Founders Capital and Spartan Group, and saw participation from prominent investors, including Saison Capital, Alumni Ventures and Tiny VC.
“Wind has an innovative approach to bridge the traditional finance world and decentralized finance,
“This funding round is a testament to the team’s dedication, their progress, and the potential of their solutions,” Hassan Ahmed, Country Director at Coinbase Singapore, and one of Wind’s early backers.
Wind is a fintech startup revolutionizing cross-border payments and on/off-ramp solutions.
With a vision to establish a global remittance and payments network on Web3, the firm facilitates efficient and cost-effective cross-border transactions for freelancers, remote teams, and businesses worldwide.
The firm has facilitated over $3 million in annualized Gross Transaction Volume (GTV) within mere months of its launch.
Wind is unique in the remittance space – being a self-custodial smart-contract wallet.
Unlike other DeFi wallets, Wind simplifies the complexities of Web3 into an easy-to-use interface that can be used by anyone.
Leveraging blockchain technology, Wind provides instant settlement times, decreased transaction fees, and offers users access to yields exceeding 5 percent.
It is noted that a unique advantage of being a self-custody wallet is that anyone, anywhere in the world can open an account, without KYC, and start receiving funds, making the product global from day one, and perfect for underbanked countries.
Additionally, Wind has constructed its own underlying infrastructure to further minimize costs.
They’ve developed their own on/off ramps to make their price points competitive with existing services. Their enterprise APIs, designed for collection and disbursement, are also available for other businesses to utilize.
Wind was founded by a team of seasoned venture builders in the consumer apps and fintech space.
Hussain M Elius and Ahmed Fahad are Co-Founders of the largest consumer tech platform in Bangladesh and Nepal – Pathao; and are joined by seasoned blockchain engineer Arman Bhuiyan and business development expert Simo Figuigui.
“This funding marks a significant milestone for Wind. We are excited to continue our mission of simplifying cross-border payments and expanding our global reach,” said Wind Chief Executive Officer Hussain Elius.
According to the statement, the company’s vision extends beyond borders, aiming to establish a global remittance and payments network on Web3. This initial focus aims to strengthen the corridor between the United States and Southeast Asia.
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