Dezy, a Singapore-based decentralised finance (DeFi) startup, has bagged an undisclosed amount of funding from a clutch of local investors, including DeFiance Capital, HH VC Investments, Impiro, and angels such as Tranglo founder HY Sia.
With the new investment, Dezy aims to bolster the user and deposit growth, update the educational content, and launch new features, including smoother onboarding options, optimised KYC and underlying insurance on user funds deposited.
A portion of the capital will also be used to expand its marketing, technical development, and business development teams.
DeZy was launched in 2021 by four co-founders Eric Dadoun (CEO), Harald Lang (CTO ), Sharmini Ravindran (CMO ), and Simon Landsheer (strategic advisor). It aims to empower people to “achieve meaningful savings, income growth and wealth accumulation” by simplifying decentralised finance. People can borrow, save, trade, or invest without intermediaries like banks or brokerages.
It automatically converts users’ deposits into Singapore dollar-backed stable coins and disperses them into a range of decentralised protocols. With this, the platform help users generate up to 5.25 per cent annual percentage yield.
“The opportunity that DeZy aims to solve is certainly one that exists beyond Singapore, but before we look at international expansion, we want to make a meaningful impact domestically first,” CEO Eric Dadoun said.
He added that the company also looks to join the B2B markets and develop longer-term features to give users access to a broader range of savings services.
As stated on the company’s website, Dezy commits to secure users’ access to decentralised finance with inclusivity, transparency, and no deposit lock-in.
As per the ‘Singapore fintech landscape 2020 and beyond’ report, Singapore raised US$346 million in fintech investment in 2020, accounting for 6.2 per cent of all funds invested in Asia.
Last year, the Monetary Authority of Singapore (MAS) launched a S$125 million (US$93 million) support package for the financial and fintech industries to help them deal with the immediate challenges caused by COVID-19 while also positioning themselves for future development and recovery.
Image credit: Dezy
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