Former Spotify and Revolut executive Hannes Graah’s fintech startup Gro recently raised around $ 7.1 million in the latest seed funding. With this money, Gro is set to make decentralized finance (DeFi) user-friendly and more accessible.
The latest seed funding round was spearheaded by decentralized finance venture capitalists Framework Ventures and Galaxy Digital. Besides, the list of angel investors included Aave, Synthetix, and Compound.
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Gro largely aims to simplify the overall DeFi experience for users by developing products called autonomous programs and protocols.
The latest funding will be utilized to further Gro’s mission and scale its two existing products that provide legacy and decentralized finance components.
Gro revealed that it is likely to make its first product available to the public around April 2021. Besides adding colour to its product portfolio, Gro is also on course to expand its current team of 10 in 2021.
At present, Gro’s team encompasses tech and finance professionals from stellar firms such as Spotify, Goldman Sachs, JP Morgan, and Revolut to name a few.
Wendy Xiao Schadeck, Partner, Northzone said that Hannes has rich experience and understanding of the complete financial applications ecosystem and also has unmatched knowledge of the crypto-native community. Hannes is an enterprising personality who continues to attract top industry talent as investors and advisors.
Increasing DeFi’s accessibility
Decentralized finance is transforming conventional finance services such as trading, lending, and insurance into transparent and open protocols.
The advent of protocols enables seamless integration and swift innovation which boost efficiencies and eventually provide more value to the customers.
In the current scenario, as DeFi requires abundant technical expertise, firms such as Gro are gradually gaining ground. Gro has set out on a clear mission of enabling people to create and share the wealth by integrating the best of legacy and decentralized finance.
More about Gro
Gro was founded in 2020 by Hannes Graah, former VP at Spotify and Revolut. Gro has a simple mission and that is to empower customers with the tools they need to understand wealth via legacy and decentralized finance.
Gro is set to reshape the world of finance in the upcoming years with its simple yet robust DeFi products.
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