DeZy, Singapore-based decentralised finance (DeFi) startup, said today that it has secured at least S$3 million (US $2.2 million) in a Pre-Series A fundraising round headed by Leo Capital and Iterative Capital.
Angel investors included Michael Ng of Unagii, Tianwei Liu and Sharon Lourdes Paul of Xfers, Ishan Agrawal of Funding Societies, and Nihit Nirmal and Kelvin Teo of Unagii.
HH Investments, HY Sia, and DeFiance Capital, among others, returned in this round of investment.
In September 2021, the company received undisclosed capital from local investors such as DeFiance Capital, HH Investments, Impiro, and angel investors such as Tranglo creator HY Sia.
DeZy wants to utilize the funds to support future product releases, expand its workforce, and “continue to reinvent what finance can be for customers,” according to a news release.
DeZy is a platform that allows users to convert their cash into dollar-denominated stable coins that can be deposited through a variety of DeFi protocols. It was launched in 2021. Customers in Singapore may get up to 5.65 a year with a 0 charge and no lock-in product from DeZy, which absorbs both blockchain fees and currency fluctuations.
Eric Dadoun (CEO), Harald Lang (CTO), Sharmini Ravindran (CMO), and Simon Landsheer (CMO) were the four co-founders (strategic advisor). By simplifying decentralized finance, the firm hopes to enable people to “achieve real savings, income growth, and asset building.”
Users will be able to borrow, save, trade, and invest without the use of banks or brokerages, according to the company.
