DeFi startup tiiik secures first Seed Round funding of $5.2 million

Erez Rachamim, Co-founder and Chief Executive Officer of Tiiik

Australian DeFi startup tiiik (Tiiik Pty Ltd) has succesfully closed its first Seed Round for $5.2 million with global heavyweight investors leading the raise.

Tiiik is the brainchild of experienced fintech leaders Erez Rachamim, Bernardo Bilotta and Daniel Li who founded tiiik following their time at Zip Co, Equitise, and Readiitel.

The first of its kind product in the Australian marketplace, tiiik is on a mission to simplify access to a fair, open and inclusive finance system. Leveraging blockchain technologies, tiiik is building an intuitive web and mobile app where users can initially secure an interest rate that is paid in real-time with the flexibility to deposit and withdraw at any time.

Tiiik is fueling a revolution

Tiiik cuts out the middleman to create greater returns for customers enabling its users to transfer directly from your bank account into interest generating DeFi products.

Tiiik is fuelling a revolution and gives clients control of their money and greater insight into their finances, allowing them to generate high returns by using “smart” fintech infrastructure. Funds are held in stablecoin tracking USD, removing the volatility of digital asset markets.

Tiiik’s capital raise was co-led by Global Founders Capital and FinTech Collective and other funds like DACM, B Digital, Decision Tree Capital, Investible, LedgerPrime, 0x Ventures, Athena Ventures, Double Peak, Valhalla Capital, Parsiq, Gate.io, NxGen and Waterdrip Capital.

Key investors behind the raise include Alvin Singh and Bosco Tan (founders of Pocketbook), Larry Diamond (co-founder at Zip Co), Heslin Kim (co-founder at SupraOracles), Jonty Kelt (founder at Fantail Ventures) and Lucas He (co-founder at OP Crypto).

Proactive approach early success of Tiiik

Tiiik’s Co-Founder Erez Rachamim says the key behind the early success of DeFi is its proactive approach to regulation and breaking down barriers.

“Tiiik is challenging the status quo. We have created a world class solution to real world problems and have the opportunity to give clients the best in “smart” fintech infrastructure.”

“We want to help the everyday person to make money in a simple way using blockchain and other smart financial technologies and plan to repair and rebuild a broken financial system.”

“Tiiik wants to enable people to access DeFi benefits, without complexity that comes with innovative financial technology. There is a gap in the market for a platform that can help non-tech savvy people access asset class that is changing the way people think about money.”

Tiiik picking interest from crypto and non-crypto funds

There has been interest from both crypto and non-crypto funds looking to increase their exposure to the industry, favouring tiiik’s regulated approach to DeFi and the innovative way it is bringing value to everyday users using global blockchain technology.

Among tiiik’s investors is Tito Costa, partner at Global Founders Capital and Head of Digital Assets and Partner at FinTech Collective, Sean Lippel who have been quick to throw their support behind the startup and its founders.

“We are honoured to work with tiiik to make high-yield digital assets easily accessible to Aussie investors. We believe their attention to product, user experience and fiat ramps will finally offer a seamless experience to investors approaching this asset class,” said Tito Costa.

“The market for serving DeFi enabled yield products to investors is still nascent. We are excited to back a team that has experience building fintech products and now aims to bring savvy regulatory compliant DeFi products to the APAC region and beyond,” says Sean Lippel.

Tiiik backed for success

Fellow co-founder, Bernardo Bilotta who built and grew Zip Co Limited previously known as ZipMoney Limited (ASX:ZML) Buy Now, Pay Later digital wallet in Australia and wrote and productionised Zip Co Limited’s playbook for global operation roll out, as well as its launch into the UK says there is real buzz around tiiik and the possibilities of DeFi technologies.

“The incredible adoption rate of DeFi despite the high technical barriers shows how important products that simplify the user experience will be.” said fellow co-founder, Bernardo Bilotta.

“Everyone should be able to access products that have the power to create financial well-being. Tiiik enables you to transfer from your bank into interest generating DeFi products.”

Plans for tiiik’s Series A are in progress, with global expansion guiding the roadmap, planning is in place to launch the ability to spend from your balance with a digital debit card.

Tiiik employs 16 full time staff. 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.