Jun 16, 2023

Y Combinator-backed Wed3 startup Poko raises $4.5M funding from prominent investors Poko (Pokoapp.xyz) , a Y Combinator-backed Singapore Web3 startup, has on Thursday announced the successful completion of its seed round, raising $4.5 million in funding. Poko said in a statement that the round was led by prominent investors from all key regions it focuses on, including Y Combinator, NAZCA, Global Founders Capital, Orange DAO, SOMA Capital and Goodwater Capital. According to the statement, Poko is using its fundraise to develop new products, including a USD yield-bearing software development kits (SDK)/protocol. The company is currently in beta testing for issuing virtual cards on Visa/Mastercard rails from wallets and developing a cash savings product that enables users to earn a yield on stablecoins. “We firmly believe in making web3 accessible to users worldwide,” said the Poko team. According to the team, its SDKs and APIs provide the necessary tools for users to transfer assets effortlessly from local payment rails to web3 infrastructure, incorporating both global card payments and popular local payment methods. “Our goal is to empower wallets and web3 infrastructure with bank-like superpowers,” it said. It also said Poko’s investors have been instrumental in helping the firm understand and meet demand in its respective markets. added the Poko team. “Their support and guidance have enabled us to forge valuable partnerships and connect with leading startups within the web3 ecosystem, further strengthening our position as a key player in the industry,” it said. Poko is a firm that enables the seamless transfer of assets between local payment rails and web3 infrastructure. Its innovative SDKs and application programming interfaces (APIs) empower businesses in the web3 ecosystem to bridge the gap between traditional payment methods and web3 infrastructure. The company serves over 11 million active wallets worldwide. Targeting web3 wallets, wallet-as-a-service providers, marketplaces, DApps, DeFi applications, and games, Poko’s business-to-business-to-consumer (B2B2C) model enables seamless onramping and purchasing from smart contracts across more than 100 payment rails. It is noted that Poko’s Onramp Aggregator and Direct Checkout solutions delivers cost savings of up to 70 percent and up to 5 times higher success rates than traditional onramps. Users are from all parts of the world, with United States, European Union, Latin America and Asia being key markets. Poko said it sees amazing growth especially in Latin America and Asia. Poko’s team boasts extensive experience in the web3 space. Their background includes leadership and founding roles in a $2.4 billion coincap protocol, technical implementation for the Monetary Authority of Singapore’s Project Ubin, authorship in the Digital Currency Governance Consortium at the World Economic Forum, and expertise in banking, payments engineering, and web3 gaming. Poko also noted that its investors play a pivotal role in the company’s growth strategy, providing valuable insights and connections to their respective markets. Its investors come with deep regional expertise to help them navigate a global industry locally. The investors include Y Combinator, NAZCA, Global Founders Capital, Goodwater Capital, SOMA Capital, Amasia, Creditease, Dentsu Ventures, MS&AD, and Orange DAO. Notably, the company has also attracted angel investors with deep regulatory expertise in web3, including Sheila Warren, Chief Executive Officer of the Crypto Council for Innovation, and international arbitrator Benjamin Hughes.