Kiwi crypto platform launches $1M funding round

Kiwi crypto platform launches $1M funding round

Invsta is a product created by online financial services company Ilumony

Invsta co-founders Abhy Singla and Rachel Strevens

Invsta co-founders Abhy Singla and Rachel Strevens

A platform designed to help New Zealanders invest in crypto-currencies has launched a $1 million funding round, pitching to potential investors in Wellington.

Invsta, a product created by online financial services company Ilumony, took part in the Kiwibank FinTech Accelerator, the second Kiwibank-sponsored Lightning Lab business accelerator focused on fintech companies.

Invsta is a cloud-based investment platform offering a range of crypto-traded portfolios (CTPs) to New Zealanders wanting to invest into a diverse range of crypto-currencies and strategies.

“Until recently, investing in cryptocurrencies has been complicated, confusing, time-consuming and very technically challenging,” Invsta co-founder and CTO, Abhy Singla, said. “Invsta does the hard work for investors so that this is no longer the case.”

On Wednesday 16 May, CEO and co-founder Rachel Strevens will take to the stage to pitch privately to investors before presenting to the public at Lightning Lab’s Demo Day, with Invsta aiming to raise $1 million.

The company will use the money to grow its New Zealand user base before setting sights on international expansion to markets such as Singapore.

Strevens and Singla have been travelling around New Zealand, the US, and Asia in past weeks to explore growth opportunities, while also meeting with investors.

“The feedback we’re receiving has been overwhelmingly positive,” Strevens said. “Crypto-currency is one of the most exciting things to happen to the financial services space in decades and investors are very aware of that.

“Interest is higher than ever before with the record gains made by crypto-currencies last year, so we’re confident we’ll be able to reach our target and close our round quickly.”

Singla said there’s “strong investor interest” in the start-up due to the fact that the business is making crypto-currencies “more accessible” to everyday investors than its competitors.

Furthermore, Strevens said the company’s goal is to make crypto-currency investment easily accessible to the everyday person.

“Our goal to position ourselves as the number one cryptocurrency investment platform in New Zealand and around the world makes us a very attractive proposition to investors who want to buy in to our company,” Strevens added.

“We definitely want smart money. We have ambitious goals and we’re looking to build a team around us of people who share our vision and have the smarts and experience to help us get there.”

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