Toronto’s crypto banking-as-a-service provider Cybrid has secured USD $3.1 million in seed financing to support the expansion of its developer-focused crypto platform for fintechs and challenger banks.
Cybrid’s developer-centric platform allows fintechs to embed DeFi features directly in their products.
For example, Cybrid enables direct-to-consumer crypto investing, access to DeFi savings accounts, attaching crypto to points programs and other modern financial services. The platform is architected to provide easy access to the realm of decentralized finance (DeFi), which is notoriously complicated to enable directly.
“Easy, developer-friendly access to the world of crypto and DeFi is the core ingredient to improving financial services for everyday consumers,” said Avinash Chidambaram, Co-Founder and CEO of Cybrid. “Cybrid is removing the complexity that would ordinarily be required for our customers to offer crypto products, which are increasing in demand every day.”
Founded in June 2021 by Chidambaram and Brent Cararra (CTO), the fintech startup will use the new funds to grow the team and continue development of its B2B developer-focused cryptocurrency infrastructure.
Registrations for platform access have been growing steadily since January 2022.
The investment was led by Golden Ventures, with participation from Luge Capital and Harvest Venture Partners.
“Golden Ventures was attracted to Cybrid’s incredible team, and deep bench of product engineering talent. Cybrid is building the future of financial services that will one day seem obvious in hindsight,” said Ameet Shah, General Partner at Golden Ventures.
“Cybrid is the connection between traditional financial products and the future of finance,” said Karim Gillani, Co-Founder and General Partner at Luge Capital. “Avinash and Brent have assembled the dream team, and they’re laser-focused on simplifying access to crypto and DeFi.”