Australian DeFi startup Tiiik has raised $5.2 million in a Seed round backed by some leading fintech founders, including Zip’s Larry Diamond.
The raise was co-led by Global Founders Capital and FinTech Collective, supported by DACM, B Digital, Decision Tree Capital, Investible, LedgerPrime, Ox Ventures, Athena Ventures, Double Peak, Valhalla Capital, Parsiq, Gate.io, NxGen and Waterdrip Capital.
Individuals chipping in include Diamond, Pocketbook co-founders Alvin Singh and Bosco Tan , SupraOracles co-founder Heslin Kim, Fantail Ventures founder Jonty Kelt and OP Crypto’s Lucas He.
The funds will be used to build scalable architecture and expand the product offering for retail and accredited investors. Currently tiiik is able to accept funds from Australian accredited investors with plans to expand accessibility. The startup has 16 full-time staff.
Co-founders Erez Rachamim, Bernardo Bilotta and Daniel Li worked at Equitise, Zip Co, and Readiitel respectively and created Tiiik last year.
Rachamim said the startup uses blockchain technologies to build an intuitive web and mobile app for finance so users can transfer funds directly from a bank account into DeFi products.
“Tiiik is challenging the status quo. We have created a world class solution to real world problems and have the opportunity to give customers the very best in ‘smart’ fintech infrastructure,” he said.
“We want to help the everyday person to make money in a really simple way using blockchain and other smart financial technologies.”
Global Founders Capital partner Tito Costa said: “We believe their attention to product, user experience and regulated fiat ramps will finally offer a seamless experience to investors approaching this asset class.”
FinTech Collective partner Sean Lippel said the market for serving DeFi enabled yield products to wholesale and retail investors is still nascent across the globe.
“We are excited to back a team that has experience building world class fintech products and now aims to bring savvy regulatory compliant DeFi products to the APAC region and beyond,” he said.
Plans for tiiik’s Series A raise are already underway.