Former Revolut employees raise $3.5m seed funding from Index Ventures
Updated: Oct 5, 2022
SOLVO LAUNCHES NEW APP THAT PROVIDES ACCESS TO QUALITY CRYPTO INVESTMENTS IN A NEW, SEAMLESS TRANSPARENT WAY
● Solvo launches with an iOS App featuring initial suite of products that offers crypto-
interested investors diversification
● The company closed a $3.5m seed funding round with investment from Index Ventures,
29 September 2022 – Solvo, a new finance app which offers crypto-interested investors a simplified and more transparent way to access high quality crypto products, has announced the launch of its new app and initial features.
Crypto-investing has become synonymous with complexity and misinformation. While more than 20,000 tokens are now available, investment products that go beyond just buying and selling crypto remain rare and it can be difficult, even for people with knowledge in the market, to distinguish between high and low quality offers. Solvo has been created to solve those issues, bringing the best that crypto has to offer in simple, transparent products that meet a clear investment demand.
Solvo’s waitlist went live this week and the first iOS customers will be invited to download the
app in October. The initial app release will combine risk-adjusted exposure to quality crypto
assets with a simple and jargon-free user experience with the following key products:
● Vaults: A yield generating product, aimed at investors who want to take a long-term
holding in high-quality coins including Solana and Cardano, with more to come. Vaults is
designed to generate annual returns of up to 8% depending on the currency selected.
● Bundles: A product that provides diversified exposure to a basket of high quality
investments in different areas of crypto such as Blue-chip projects, DeFi, and Metaverse; Gaming. Bundles is for those seeking exposure to a specific part of the crypto market
but don’t know how to identify or access them.
At launch, Solvo will also function as a wallet that supports the buying, selling, deposit and
withdrawal of the 10 highest quality crypto-currencies with a simple, intuitive interface.
Founded by Ayelen Denovitzer and Shailendra Sason, who both previously worked in the crypto team at Revolut, Solvo also announces that it has raised $3.5 million in a seed funding round led by Index Ventures, with participation from CoinFund and FJ Labs. The funding, which was received earlier this year, has allowed Solvo to build a 10-strong team of industry experts, and build its product offering.
Commenting on the launch, Ayelen Denovitzer, Co-Founder and CEO of Solvo said:
“Until now crypto-investing has been complex, unclear and required highly specialised knowledge. Solvo is about to change that. With the backing of world-renowned investors and bringing to bear the deep knowledge of a group of experts, we are reinventing crypto-investing, simplifying the process and making it more transparent.”
“Investing with Solvo will be simple, easy and understandable – three words not associated with crypto. Solvo is meeting a clear need for investors today, offering products that are focused on high quality assets, that provide diverse exposure and reduced risk as well as an attractive yield. It is for all the investors who want to use crypto to diversify their investments and want an easy way to do that.”
Julia Andre, Partner at Index Ventures added:
“We are delighted to support Solvo in their goal to bring high quality products, transparency and simplicity to crypto-investing. Having seen the team in action at Revolut, we are excited to see them bring a new way of thinking to crypto.”
Alex Felix, CIO and Managing Partner at CoinFund also mentioned: “We are proud to
support Ayelen and Shailendra as they design a new experience for investing in crypto. Safe
consumer adoption is a key challenge for the crypto ecosystem and we believe Solvo can
address this major pain point.”
Solvo is a EU company registered in Lithuania compliant with 5AMLD and FIU requirements.
The company has submitted its Crypto Exchange, as well as Crypto Custody registrations.