Image credit: Unstoppable Finance
Unstoppable Finance, a Berlin-based fintech firm, announced on Wednesday that it has secured €12.5 million in a Series A funding round led by Lightspeed Venture Partners.
New investor Anagram also participated in the round along with existing investors Speedinvest, Rockaway Blockchain Fund, Backed, Inflection, Discovery Ventures and Fabric Ventures.
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The Serie A round closed in early July, nine months after raising €4.5 million in a seed round.
Fund utilization
The German company says it will use the funds to launch and scale its DeFi wallet and investment platform, Ultimate, announced last month. Soon after the official announcement, the platform quickly received interest from over 300,000 beta users globally who joined the waiting list, the company says.
Maximilian von Wallenberg-Pachaly, Co-Founder and CEO of Unstoppable Finance, says: “We are proud and excited to attract such prominent investors, especially in this tough market environment. With this funding, we will follow our mission to bring DeFi to retail investors worldwide with our app Ultimate. We would like to thank our old and new investors for their vote of confidence and trust in our product and our mission.”
Unstoppable Finance: What you need to know
Founded by Max von Wallenberg-Pachaly, Peter Grosskopf and Omid Aladini, Unstoppable Finance aims to bring decentralized finance (DeFi) to the masses with its self-storage wallet called Ultimate.
Ultimate is a mobile app that gives investors easy access to controlled and verified Decentralized Finance (DeFi) opportunities. The German company says the word “Ultimate” comes from the popular slogan “Programmable money is ultimate money.”
The wallet will not hold users’ assets, meaning users will retain control of their private keys, but have the ability to back them up in the cloud to protect against accidental loss.
The first version of the wallet will run on the Solana blockchain, with a subsequent Ethereum integration fulfilling the wallet’s multi-chain vision.
Users can interact with three protocols with the first version of the wallet. They are
- Killer whale exchange – Used for trade.
- Lido Finance – Enables floating stakes, where users can earn 5 percent APR on their Solana tokens.
- Friction Finance – A protocol that allows users to generate returns via automated options trading strategies, currently yielding between 14 and 29 percent APY on various Solana-based tokens.
The company promises to increase investment opportunities in the future to earn a return on cryptoassets and stablecoins, and exchange assets on decentralized exchanges easily.
The mobile wallet will launch in private beta over the next few days, with the public iOS launch planned in a few months. After that, the app will be launched on the Android platform, the company says.
Banafsheh “B” Fathieh, Founder at Lightspeed Faction and Advisor at Lightspeed Venture Partners, says: “From our first conversations with the Unstoppable Finance founders, we recognized a strong team with a big vision. Max, Peter and Omid have an impressive track record of build great FinTech and Crypto products and we are sure they will build the missing channel between the DeFi world and retail investors.”
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