Folks Finance Raises $3.2M Series A, Hits $75M Valuation

Author - personCMO Intern

11/18/2024

[10:49 PM · Nov 14, 2024] – Folks Finance, a leading cross-chain decentralized finance (DeFi) platform, today announced the successful close of a $3.2 million Series A funding round, bringing the company's valuation to $75 million. The oversubscribed round was led by Borderless Capital, with significant participation from Algorand Ventures, Mapleblock Capital, Sovo Ventures, and other prominent investors. This latest investment brings Folks Finance's total funding to $6.2 million, following a $3 million seed round in 2022 that included backing from Coinbase Ventures, Jump Crypto, OKX Ventures, and ParaFi Capital.

Folks Finance is revolutionizing the DeFi landscape with its innovative xChain app, a powerful tool that allows users to seamlessly lend, borrow, trade, and manage digital assets across multiple blockchains. Currently supporting Ethereum, Base, Arbitrum, Avalanche, and BNB Chain, xChain leverages cutting-edge technologies like Chainlink's Cross-Chain Interoperability Protocol (CCIP), Wormhole, and Circle's Cross-Chain Transfer Protocol (CCTP) to enable unparalleled interoperability and efficiency. This allows users to deposit assets on one chain and borrow on another, maximizing flexibility and capital efficiency across different ecosystems.

"The future of DeFi is undeniably cross-chain," says Benedetto Biondi, co-founder and CEO of Folks Finance. "With xChain, we are empowering users with unprecedented control and flexibility over their digital assets, regardless of the underlying blockchain. This funding will enable us to further develop our platform, expand to new chains including Linea, Polygon, Optimism, and ZKsync, and continue building a truly interconnected DeFi ecosystem."

Since its launch in 2022, Folks Finance has experienced significant growth, boasting over 15,000 active monthly wallets and a total value locked (TVL) exceeding $100 million, with an all-time high of over $220 million. The platform offers a comprehensive suite of DeFi services, including lending, borrowing, swaps, liquid staking, and fiat on/off ramps, providing a robust and user-friendly alternative to centralized exchanges.

"We have been strong supporters of Folks Finance since its inception," commented Amit Mehra, Partner at Borderless Capital. "They are tackling a critical challenge in the DeFi space – the fragmentation of liquidity across isolated ecosystems. xChain offers a seamless and intuitive solution, setting a new standard for cross-chain interoperability. We are confident in their ability to scale and drive innovation in the DeFi space."

This Series A funding marks a significant milestone for Folks Finance, validating its vision and solidifying its position as a leader in the cross-chain DeFi movement. The company plans to use the funds to further develop its xChain app, expand its team, and accelerate its growth trajectory.

About Folks Finance:

Folks Finance is a cross-chain DeFi platform empowering users to seamlessly manage their digital assets across multiple blockchains. With its innovative xChain app, Folks Finance offers a comprehensive suite of DeFi services, including lending, borrowing, trading, and liquid staking, while prioritizing security, transparency, and user experience.

About Borderless Capital:

Borderless Capital is a venture capital firm focused on investing in and accelerating the development of the Algorand ecosystem. They support innovative projects building decentralized applications and infrastructure on the Algorand blockchain.

About Algorand Ventures:

Algorand Ventures is a venture capital firm focused on supporting the growth of the Algorand ecosystem by investing in promising projects building on the Algorand blockchain.