The DeZy team
Update: The previous version of this article stated that DeZy enables users to borrow, save, trade, or invest without intermediaries such as banks or brokerages. The company has clarified that its platform enables users to deposit funds and generate yield.
Singapore-based decentralised finance (DeFi) startup DeZy today announced that the company has raised at least S$3 million (US$2.2 million) in Pre-Series A funding round led by Leo Capital with participation from Iterative Capital.
The company also welcomed angel investors such as Michael Ng of Unagii, Tianwei Liu and Sharon Lourdes Paul of Xfers, Ishan Agrawal as well as Nihit Nirmal and Kelvin Teo of Funding Societies.
Existing investors such as HH Investments, HY Sia, and DeFiance Capital also returned in this funding round.
This funding round followed undisclosed funding from local investors such as DeFiance Capital, HH Investments, Impiro, and angels such as Tranglo founder HY Sia in September 2021.
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In a press statement, DeZy said that it plans to use the funding to support new product launches, grow its team, and “continue to redefine what finance can be for consumers.”
Launched in 2021, DeZy is a platform that enables users to convert their cash into dollar-denominated stable coins, which are deposited across a range of DeFi protocols. Absorbing both blockchain fees and forex fluctuation, DeZy offers up to 5.65 a year, with a 0 fee and no lock-in product to customers in Singapore.
It was started by four co-founders Eric Dadoun (CEO), Harald Lang (CTO ), Sharmini Ravindran (CMO ), and Simon Landsheer (strategic advisor). The company aims to empower people to “achieve meaningful savings, income growth and wealth accumulation” by simplifying decentralised finance.
This is claimed to enable users to deposit funds and generate yield.
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Image Credit: DeZy
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