Cybrid raises $3.1M to integrate crypto and DeFi experiences into Fintech platforms

Toronto, Ontario–(Newsfile Corp. – April 7, 2022) – Cybrid Technology Inc, the crypto banking provider, today announced that it has secured US$3.1 million in seed funding to support the expansion of its developer-targeted crypto platform for fintechs and challenger banks. The investment was led by Golden Ventures, with participation from Luge Capital and Harvest Venture Partners.

Founded in June 2021, Cybrid will use the new funds to grow the team and further develop its B2B developer-focused cryptocurrency infrastructure. The platform makes it easy for fintechs and other companies to launch encryption capabilities to their end users. For example, Cybrid enables direct-to-consumer crypto investing, access to DeFi savings accounts, attaching crypto to points programs, and other modern financial services. The platform is designed to provide easy access to the field of decentralized finance (DeFi), which is notoriously complicated to activate directly. Registrations for access to the platform have grown steadily since January 2022. Interested organizations can get started in minutes via the Cybrid Developer Sandbox.

The trillion-dollar cryptocurrency industry presents untapped opportunities such as new revenue streams or improved customer retention for fintechs, challenger banks, payment processors, rewards companies and small business financial service providers. “Easy, developer-friendly access to the world of crypto and DeFi is the essential ingredient to improving financial services for everyday consumers,” said Avinash Chidambaram, co-founder and CEO of Cybrid. “Cybrid removes the complexity that would normally be required for our customers to offer crypto products, the demand for which is growing every day.”

The Cybrid platform is designed to provide the best B2B development experience in the industry, making it easy to integrate the growing crypto ecosystem into traditional or Web2 financial products. The platform offers more than just a traditional API. It includes fully cross-platform SDKs for Apple, Android, and web platforms, including built-in UI components that can be themed and customized by partners. This drastically reduces development time and cost, allowing organizations to launch a crypto offering within weeks.

“Golden Ventures was attracted to Cybrid’s incredible team and wide array of product engineering talent. Cybrid is building the future of financial services that will one day seem obvious in hindsight,” said Ameet Shah, General Partner of Golden Ventures.

“Cybrid is the link between traditional financial products and the future of finance,” said Karim Gillani, co-founder and general partner of Luge Capital. “Avinash and Brent have assembled the dream team, and they are focused on making it easier to access crypto and DeFi.”

About Cybride

Cybrid is a B2B crypto infrastructure platform that enables neobanks, financial institutions, and payment providers to easily integrate cryptocurrency and DeFi capabilities into their products. Cybrid’s premium tooling is built by developers, for developers, and eliminates the complexity and high costs typically associated with building a cryptocurrency offering.

Cybrid works closely with its B2B partners to help them understand the cryptocurrency ecosystem and determine how best to integrate crypto into their offerings. Cybrid is headquartered in Toronto, Canada, and is backed by venture capitalists including Golden Ventures, Luge Capital and Harvest Venture Partners.

Cybrid contact

Avinash Chidambaram
+16472026108
[email protected]
[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/119321

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