Qiro Finance, a decentralized finance (DeFi) startup, has successfully raised $1.2 million in a pre-seed funding round. The funding was led by Alliance, an early-stage web3 accelerator, with participation from Druid Ventures, Escape Velocity (EV3), Trident Digital, and CMT Digital.
Additionally, Qiro Finance received a 100,000 MATIC grant from Polygon’s Village Build Ideas Program and a $50,000 development grant from the Aptos Foundation.
CEO and Co-founder Akshay Poshatwar expressed excitement about the company’s mission to revolutionize the private credit market. He emphasized the initial focus on supporting fintech asset originators in Southeast Asian (SEA) markets and expanding into other emerging markets. Utilizing DeFi and Blockchain technology, Qiro Finance aims to establish a transparent, efficient, and accessible credit ecosystem.
Qiro Finance, founded by Akshay Poshatwar and Nishikant Bahalkar, aims to tackle the significant credit gap in emerging markets caused by risk-averse banks dominating the credit market. Headquartered in Singapore, the company plans to bridge this gap by creating a decentralized credit protocol connecting asset originators in emerging markets with global investors using blockchain and stablecoin technology.
The company plans to address the credit gap by linking emerging market businesses with global credit investors, providing a more inclusive credit system. It also focuses on developing a decentralized credit protocol to facilitate tokenized Real World Asset (RWA)-backed credit applications. Nishikant Bahalkar, CPO and Co-founder, highlighted Qiro’s innovative approach to open credit data and risk underwriting infrastructure for RWA credit protocols, aiming to address adverse selection and credit defaults affecting on-chain credit transactions.
