Celo, an open source blockchain ecosystem who recently collaborated with Grameen Foundation to support 800 Filipino workers, recently announced that its blockchain and fintech remittance app Valora has secured $20 million in a series A funding, allowing it to operate as an independent company. The Series A is led by notable investors Andreessen Horowitz, a private American venture capital firm, together with Polychain Capital, SV Angel, Valor Capital, NFX, and Nima Capital.
Valora will also be spearheaded by Jackie Bona as Chief Executive Officer. Jackie previously served as Head of Consumer Growth of cLabs Inc.
Valora is a lightweight fintech app that allows a person to send funds from anyone anywhere in the world as long as they know the recipient’s mobile number. This function replaces the 42-long public addresses that are associated with blockchain addresses. Remittance charges are also very minimal compared to traditional channels. The fees are paid using the same token that is sent (like cUSD) instead of two separate assets. (Read More: How Grameen Foundation and Celo Provided COVID-19 Relief in the Philippines)
Valora is a non-custodial wallet that already has more than 200K users with balance and 53K monthly active users in over 100 countries since its public launch last February 2021. cLabs of Celo developed and incubated the Valora until its transition as a separate organization..
“I am humbled that cLabs was able to play a role in developing Valora into what it is today. We look forward to Valora continuing to be an important member of the Celo ecosystem,” Rene Reinsberg, co-founder of cLabs stated.
He also added that Valora’s achievement within a short amount of time is truly remarkable for a startup and he is more confident right now that Valora will continue its remarkable growth because of Jackie Bona’s leadership. According to him, “Jackie led the launch and was on the founding team that developed Valora, creating financial opportunities for many people who need them. (Read More: Send Money and Other Things You Can Do With Valora App in the Philippines)
“I am delighted to be leading Valora at such a dynamic time in this important evolution, both as an independent company and in the cryptocurrency world at large,” Jackie said about the app. “Valora is lowering the barrier to entry into crypto and DeFi. We believe in a world in which each individual has access to the wealth and opportunity created by this new global financial system, and Valora will strive to continue to provide greater access and build bridges to a better and more inclusive future.”
This article is published on BitPinas: Celo’s Blockchain & Fintech Remittance App Valora is Now an Independent Company After Securing $20M in A16z-Led Series A Funding