Investment app startup Seashell has managed to close a substantial $6 million seed funding round from top venture capital firms on January 13. Along with it, the company has launched its high-yield Seashell Save app that offers up to 10% interest to users.
The procurement round was led by Khosla Ventures and Kindred Ventures, with participation from Coinbase Ventures, Solana (SOL) Ventures, and the Avalanche (AVAX) Foundation.
Angel investors Mark Cuban, Vlad Tenev CEO of major investment app Robinhood, former CFTC President Christopher Giancarlo, Terraform Labs founder Do Kwon, and polygon founder Sandeep Nailwal also participated in the funding.
The platform, characterized by offering relatively high yields, has called itself an “inflation-resistant” savings app. With inflation rising by more than 7% in December last year and banks offering barely 1% on savings, Seashell claims to beat the rising prices by offering up to 10% yields through its Seashell Save app
Daryl Hok, founder and CEO of Seashell, said in the press release:
“Higher interest rates exist, but they are hard to access for the average consumer. By prioritizing compliance and building an easy-to-use mobile app, Seashell.com aims to be the new, smarter home for your money, raising the tide for everyone.”
To avail of Seashell services, users are required to open a verified account and transfer money from their bank accounts to start earning interest. The app, available on iOS and Android, is free to use with no fees or penalties charged after withdrawing cash.