Neobank startup iPeakoin raised nearly $10 million Series A from Zhenfund
Issuing time:2023-11-27 12:11
iPeakoin, an innovative neobank building solutions across traditional finance and crypto, recently closed its Series A, "close to ten million dollars led by ZhenFund", according to the founder. Founded in 2020, with dual headquarters in Singapore and Hong Kong, iPeakoin has distinguished itself in the fintech landscape by bridging traditional finance and the crypto industry. The founding team, alumni of prestigious institutions like Stanford and the University of Michigan, brings extensive expertise in fintech, technology, and the crypto industry from Google, Meta, Visa, and Ant Financial.
iPeakoin's product suite is comprehensive and innovative, catering to a diverse range of clients from traditional industries such as advertising and gaming to global trade and Web3.0 projects. Their offerings include:
1. Crypto Wallet for Enterprises: This product enables seamless management of large-volume digital assets for enterprise clients that require more control and higher compliance standards.
2. Global Account: It simplifies the “Know Your Business” process for fiat settlement, exchange, and payment, and interfaces with the Crypto Wallet.
3. Quantum Virtual Card: A virtual multi-currency business credit card that facilitates online payments wherever Visa or Mastercard is accepted. iPeakoin has also pioneered crypto card solutions with multiple clients including Onekey.
4. Particle Treasury: Offers attractive yields for idle funds with flexible terms, backed by US T-bills.
iPeakoin plays a crucial role in mainstream crypto adoption, addressing the demand for a banking platform that can manage both crypto payments and traditional financial services. Its ecosystem narrows the gap between traditional and digital finance, helping businesses streamline payment flows and access new market shares. The platform significantly reduces onboarding time compared to traditional banking, enabling businesses to start operations in a matter of days.
In emerging markets, where crypto is increasingly used as a trading and investment asset, iPeakoin’s services are particularly valuable. Companies in developed markets are accepting cryptocurrency payments from these emerging-market countries, opening a lucrative sector that was previously underserved.
Michael Wu, the Founder and CEO of iPeakoin, highlights the importance of crypto in cross-border corporate transactions, emphasizing its role in business operations over investment opportunities. He notes that a significant number of multinational corporations are utilizing crypto for business purposes.
"We see more and more companies in traditional industries are adopting crypto for various reasons, especially those operating in countries with unstable economic environment and volatile currency exchange rates", according to Robert Feng, the VP of Sales and Strategy, "It's also a good sign to see regulators formulating relevant policies so that cooperates and service providers like us know how we move forward in a compliant manner".
iPeakoin is also investing heavily to build up banking infrastructures across multiple continents, including Middle East, Latin America and India. "We are frequently asked by our clients if we can help them in this or that country, so we have to move at lightning speed to build up local capabilities by working with local banks or payment providers", said Michael, "Meanwhile, we also need to navigate local regulations, which sometimes can be ambiguous, to ensure compliance and anti-money laundering standards. That's why we invest a lot in acquiring licenses and partnering with licensed financial institutions".
The company aspires to create a new generation of banking for global businesses, allowing greater control over business funds and simplifying transactions. iPeakoin's focus on product differentiation and compliance has led to a fivefold growth in 2023.
Rommy Song, iPeakoin's co-founder and head of product, sums up iPeakoin's product vision in one sentence: "We aim to develop an innovative product that enables new businesses and new markets to foster their growth. By effectively combining traditional financial infrastructure with blockchain technology, we can offer more efficient solutions that align with the evolving demands of the new business landscape."
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