Former Revolut employees raise $3.5M for new crypto investment app

Former Revolut employees raise $3.5M for new crypto investment app

Revolut ex-employees Ayelen Denovitzer and Shailendra Sason have raised $3.5 million in funding for Solvo, a crypto investment app development startup, in a round led by Index Ventures. CoinFund and FJ Labs also participated in the said investment round. Solvo left the tour with a valuation of $17.5 million. Denovitzer and Sason, who met while working at Revolut, pointed out that with Solvo they aim to simplify crypto investment tools. Previously, it was seen that former employees of European-based financial technology giant Revolut developed crypto projects.

According to the transferred details; Denovitzer made statements about his new ventures after the investment round. Pointing out that it is more difficult for non-technical people to use crypto investment tools than investment tools in traditional banking, the founder said that the consumer solutions available in the market only focus on buying and selling ‘tokens’. Denovitzer also added that Solvo will offer users different investment products such as ‘Vault’ and ‘Bundles’.

Solvo app will be available on iOS in October

According to the shared information; ‘Vault’ allows users to earn up to 8 percent returns through ‘staking’ in cryptocurrencies such as SOL and ADA. ‘Bundles’ enable users to invest in DeFi (Decentralized Finance), metaverse and gaming-related ‘tokens’. Solvo’s recently opened waiting list currently has 5,000 people. The application is expected to be available on the iOS operating system in October.

On the other hand, Alan Chang, former head of Revolut’s revenue department, also raised $78 million in investment funds for Web3-based energy startup Tesseract in early September. Similarly; Soups Ranjan, former head of the company’s crypto department, also recently announced that it has raised $52 million in an ā€œa16zā€-led investment round for Sardines, a fraud detection startup serving clients like FTX, and Brave.

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