Fonbnk completes $3.5 million oversubscribed seed round

Akshi Federici, Operating Partner at Kraken Ventures

Fonbnk Inc., a Web3 company bringing Decentralized Finance (DeFi) to the masses across emerging markets, has successfully closed an oversubscribed, $3.5 million seed round.

As a mission-led crypto currency Web3 company, Fonbnk enables unbanked and underbanked users in mobile-first markets to onramp to digital money using prepaid airtime.

Fonbnk’s seed round joined by elite investors

This $3.5 million seed round was anchored by New Form Capital, with participation from leading crypto investors such as Kraken Ventures, North Island Ventures, affiliates of MEXC Global, Principle Ventures, Formless Capital, Republic Capital, and Audacity Fund.

The fundraising was joined by Pharell Williams via Black Ambition and angel investors Hustle Fund, Industrious Ventures, Lightspeed Ventures, Allied Venture Partners, Seed9, Draper Frontier Ventures, Techstars Western Union, EchoVC Partners, GP Ventures, and Pax Angels.

Pre-paid airtime minutes are currency (for transfers, exchange of goods and services) across most of the under and unbanked populations globally. Fonbnk’s solution is a perfect use case – and directly in line with Kraken Ventures’ focus – to bridge decentralized Finance with mass FinTech,” said Akshi Federici, Operating Partner at Kraken Ventures.

“The team’s mission-driven and thoughtful approach to launching this effort is particularly commendable and Kraken Ventures is looking forward to working with Fonbnk.”

Fonbnk’s seed success shows strong investor confidence

Fonbnk’s $3.5m seed round is a strong indicator of investor confidence in its mission to provide access to DeFi services for the unbanked and underbanked. The funds will strengthen Fonbnk’s positioning as a leading alternative onramp to Web3 for the emerging markets.