German fintech Unstoppable Finance pockets €12.5m to build DeFi wallet and investment platform
Unstoppable Finance, a Berlin-based fintech company, announced on Wednesday that it had 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.
The Series A round closed in early July, nine months after raising €4.5m in a seed round.
Use of funds
The German company said it would use the funds to launch and scale its DeFi wallet and investment platform, Ultimate, announced last month. Shortly after the official announcement, the platform quickly garnered interest from more than 300,000 beta users worldwide who joined the waitlist, the company says.
Maximilian von Wallenberg-Pachaly, Co-Founder and CEO of Unstoppable Finance, said: “We are proud and delighted to attract such important investors, especially in this challenging market environment. With this funding, we will continue our mission to bring DeFi to retail investors around the world with our Ultimate app. We would like to thank our old and new investors for their vote of confidence 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-custodial wallet called Ultimate.
Ultimate is a mobile app that gives investors easy access to approved and verified decentralized finance (DeFi) opportunities. The German company claims that the word “Ultimate” comes from its popular slogan “Programmable money is the ultimate money”.
The wallet will not take custody of users’ assets, meaning users will retain control of their private keys, but will have the option of backing them up to the cloud to protect against accidental loss.
The first version of the wallet will run on the Solana blockchain, with subsequent Ethereum integration catering to the multi-chain vision of the wallet.
Users can interact with three protocols with the initial version of the wallet. They are
- Orc Exchange – Used for trading.
- Financing of the Lido – Enables liquid staking, where users can earn 5% APR on their Solana tokens.
- Friction Finance – A protocol that allows users to generate returns through automated options trading strategies, currently yielding between 14-29% APY on various Solana-based tokens.
The company promises to increase investment opportunities in the future to earn returns on crypto assets and stablecoins, and easily trade assets on decentralized exchanges.
The mobile wallet will be launched in private beta in the coming days, with the public launch of iOS expected in a few months. After that, the application will be launched on the Android platform, the company specifies.
Banafsheh “B” Fathieh, Founding Partner at Lightspeed Faction and Advisor at Lightspeed Venture Partners, says, “From our earliest conversations with the founders of Unstoppable Finance, we recognized a strong team with great vision. Max, Peter and Omid have an impressive track record in building great FinTech and Crypto products, and we are confident they will build the missing conduit between the DeFi world and retail investors.
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