Announced April 7, 2022 — Cybrid Technology Inc, the crypto banking-as-a-service provider, today announced that it has secured USD $3.1 million in seed financing to support the expansion of its developer-focused crypto platform for fintechs and challenger banks. The investment was led by Golden Ventures, with participation from Luge Capital and Harvest Venture Partners.
Founded in June 2021, Cybrid will use the new funds to grow the team and continue development of its B2B developer-focused cryptocurrency infrastructure. The platform enables fintechs and other enterprises to easily launch crypto capabilities to their end users. For example, Cybrid enables direct-to-consumer crypto investing, access to DeFi savings accounts, attaching crypto to rewards programs and other modern financial services. The platform is architected to provide easy access to the realm of decentralized finance (DeFi), which is notoriously complicated to enable directly. Registrations for platform access have been growing steadily since January 2022. Interested organizations can get started in minutes via the Cybrid developer sandbox.
The trillion dollar cryptocurrency industry presents untapped opportunities such as new revenue streams or enhanced customer retention for fintechs, challenger banks, payment processors, rewards companies and small business financial service providers. “Easy, developer-friendly access to the world of crypto and DeFi is the core ingredient to improving financial services for everyday consumers,” said Avinash Chidambaram, Co-Founder and CEO of Cybrid. “Cybrid is removing the complexity that would ordinarily be required for our customers to offer crypto products, which are increasing in demand every day.”
The Cybrid platform is architectured to deliver the industry’s best B2B development experience, making integration of the growing crypto ecosystem into traditional finance or web2 products a breeze. The platform offers more than just a traditional API. It includes fully cross-platform SDKs for Apple, Android and web platforms, including drop-in user interface components that can be themed and customized by partners. This dramatically reduces the time and cost of development, enabling organizations to launch a crypto offering in weeks.
“Golden Ventures was attracted to Cybrid’s incredible team, and deep bench of product engineering talent. Cybrid is building the future of financial services that will one day seem obvious in hindsight,” said Ameet Shah, General Partner at Golden Ventures.
“Cybrid is the connection between traditional financial products and the future of finance,” said Karim Gillani, Co-Founder and General Partner at Luge Capital. “Avinash and Brent have assembled the dream team, and they’re laser-focused on simplifying access to crypto and DeFi.”
Cybrid is a B2B crypto infrastructure platform that empowers neobanks, financial institutions and payment providers to easily integrate cryptocurrency and DeFi capabilities into their products. Cybrid’s white-glove tooling is built by developers, for developers, and eliminates the complexity and high cost typically associated with building a cryptocurrency offering.
Cybrid works closely with its B2B partners to help them understand the cryptocurrency ecosystem and determine the best way to integrate crypto into their offerings. Cybrid is headquartered in Toronto, Canada and is backed by venture investors including Golden Ventures, Luge Capital and Harvest Venture Partners.