Singapore’s crypto platform Vauld raises $25m led by Peter Thiel’s Valar Ventures

REUTERS/Dado Ruvic

Singapore-headquartered cryptocurrency platform Vauld has raised $25 million in Series A funding led by Valar Ventures, a venture capital fund by PayPal co-founder Peter Thiel. 

Existing investors Pantera Capital, New Form Capital, Coinbase Ventures, CMT Digital, CoinShares, Robot Ventures, and Compound Labs CEO Robert Leshner re-upped in the new round. 

The proceeds from the round will be used to support Vauld’s international growth, licensing, as well as to expand its retail crypto banking and investing platform, the company said in a statement. It also seeks to build out its team, aiming to fill at least a hundred new roles. 

Founded in 2018, Vauld offers an asset-backed lending and borrowing platform, which currently supports over 30 cryptocurrencies and can be used in more than 160 countries. 

The company claims to offer the best rates for earning interest by lending crypto, at up to 12.68% annual percentage yield with weekly payouts.  

Vauld has seen significant growth, recording a 124.4% quarter-over-quarter increase in AUM from 1Q21 to 2Q21. It also saw more than 200x growth in its global user base over the past year.

Vauld co-founder and CEO Darshan Bathija attributed the growth to its technology and efficient customer support. While the company is based in Singapore, the majority of its team is in India, he added. 

“We have a clear foothold in India and Valar’s investment is a true testament to the optimism we share for the large and emergent Indian market.” 

Meanwhile, Valar Ventures general partner Andrew McCormack said the factors that sealed the deal were Vauld’s global positioning and ambitions, as well as the company’s vision for building their customers wealth through crypto. 

“We look forward to Vauld benefiting from our team’s expertise in understanding how to build a global business across emerging tech hubs in Europe, Asia, and North America,” he added. 

In December last year, Vauld raised $2 million from a clutch of investors, which it used to expand its operations in India and abroad. This followed a $500 million investment it raised from Singapore’s LuneX Ventures and a few India-based angel investors.

Valar Ventures has made a number of investments in Asia recently. Earlier this month, the firm invested nearly $22.5 million in Singapore-based digital wealth management startup Syfe’s Series B round, according to an ACRA filing seen by DealStreetAsia – DATA VANTAGE. The firm had previously led Syfe’s S$25.2-million Series A funding round. 

In April, Valar Ventures led Indonesian fintech startup BukuWarung’s $60-million Series A round. A month prior, it backed the $10.3-million seed round of Indian fintech startup Velocity.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.