- – A $2.5 million pre-seed deal was recently closed by Spritz Finance, a Web3 personal finance platform that enables users of decentralized finance (DeFi) to quickly pay their bills with cryptocurrency.
- – The money will be used to hire new employees, increase the platform’s support for cryptocurrency payments, and make the service work with several blockchains.
Sandeep Nailwal, a co-founder of Polygon, former CTO of Coinbase, Balaji Srinivasan, and Aaron Harris, a former Fintech Partner at Y Combinator, are a few of the major investors. Ledger Prime, OrangeDAO, Shima Ventures, DCG Genesis, Awesome People Ventures, and others have also joined the funding round.
Christopher Sheehan, a senior Y Combinator investor, and MIT computer scientist, founded Spritz.
We think there is a great need to better integrate traditional bill payment methods with user-friendly crypto wallets, Sheehan said. “Our objective is to automate financial freedom by helping millions of users to properly use their on-chain revenue streams without relying on a bank to directly pay their expenses each month — whether it’s investing in businesses or getting fucked, winning games, or receiving yields on farms.”
According to Nailwal, Spritz is developing precisely the kind of product he has in mind on the Polygon platform.
‘’I’m so thrilled to promote Spritz and help usher in the Web3 era of personal finance, the man exclaimed. Defi is the ideal fit for our ecosystem since it enables anyone who creates streams of revenue through P2E gaming, NFTs, and the Metaverse. At Polygon, mass adoption of cryptocurrency is our primary goal. I’m excited to work with Chris and his group to create the financial system of the future.’’
According to Srinivasan, the crypto market is in dire need of businesses that offer additional crypto offramps combined with the top stablecoin return mechanisms and Defi programs available today, such as Aave and Sushiswap. This enables consumers to easily program interest-bearing cryptocurrency accounts to pay for real-world expenses like rent, credit card balances, or student loan debt.
The money will also be used by Spritz to create linkages between the physical and digital worlds. The business imagines a multi-chain future in which layer 1 and layer 2 blockchains, including Bitcoin, are utilized by regular people to pay their bills all across the world. To enable developers outside the US to connect TradFi services, such as mobile money or utility payments, to the larger crypto community, Spritz aims to offer developer tools.
Spritz is evaluating the forced-to-accept product in a closed beta while hiring for numerous important roles. However, people who wish to test it can go to Spritz’s website to sign up for the beta waiting list. Faster and less expensive transactions will be made possible by the company’s first DeFi to TradFi off-ramp being built on the Polygon network, which has a total volume of over US$3.5 billion. The company also plans to support other well-liked DeFi networks in the future, such as Solana and Avalanche.
About Spritz Finance
To integrate every smart contract and traditional fund use globally, from mortgage interest and credit card usage to monthly bills, Spritz Finance enables bill payment straight via Web3 wallets. Customers can arrange bill payments from their preferred DeFi protocols and crypto wallets with the help of the company’s initial product without having to adjust their positions or go via a bank. The business is presently in closed beta, and you may sign up for the waitlist on the Spritz website.