Folks Finance—a leading DeFi platform where users can lend, borrow, trade, and manage their digital assets across multiple blockchains—announced at Web Summit 2024 that it has raised $3.2 million in an oversubscribed Series A round led by Borderless Capital at a final valuation of $75 million. The funding round also saw participation from SOVO Ventures, Mapleblock, Algorand Ventures, and others, bringing total investment into the platform to $6.2 million.
Investors in the Series A funding round join a notable pool of participants from Folks’ 2022 seed round, such as Borderless Capital, Coinbase Ventures, Jump Crypto, OKXVentures, ParaFi Capital, and more.
This latest funding round will drive the crosschain expansion of Folks’ xChain app – which is a first-of-its-kind solution that enables users to seamlessly lend, borrow, and trade across multiple networks, including Avalanche, Base, Ethereum, Arbitrum and BNB Chain, with plans to integrate many more networks in the near future.
Since its founding in the 2022 main net launch, Folks Finance has experienced rapid growth. It now powers over 15,000 active wallets monthly and cements its position as the largest DeFi app on Algorand with an all-time high TVL of $220 million.
Folks Finance is building the on-chain alternative to centralized exchanges, combining powerful DeFi tools into a seamless hub for portfolio management. And by unifying liquidity across fragmented networks, Folks delivers more efficient and transparent access to DeFi markets. The Folks toolset includes lending, borrowing, swaps, loan loops, liquid staking, looped liquid staking, a DEX router, and a fiat on/off ramp — all designed for empowering users with full control over their assets.
By utilizing Chainlink CCIP, Wormhole, and Circle CCTP, xChain allows anyone to deposit assets on one chain and borrow on another, offering unmatched flexibility and efficiency across ecosystems.
Folks Finance is tackling critical issues of liquidity and interoperability across chains. With strong investor backing and real-world impact, Folks Finance is reshaping DeFi. The company is making it accessible, scalable, and efficient for all users.
KEY QUOTES:
“We’ve been proud supporters of Folks Finance since the very beginning. With a strong foundation in place, we see tremendous opportunities ahead for them to scale and expand their business. They’re tackling one of DeFi’s most pressing issues: the fragmentation of liquidity across isolated ecosystems. They are redefining interoperability by offering users an intuitive and seamless way to manage assets across multiple networks. This approach will drive a new standard in crosschain liquidity; we are excited for a future full of growth and innovation for Folks.”
– Amit Mehra, Partner at Borderless Capital
“The future of DeFi is crosschain, and with the launch of our xChain App, we’re empowering users with unprecedented crosschain flexibility and efficiency. This round of funding will allow us to continue innovating and expanding our vision of a truly multichain DeFi hub.”
– Benedetto Biondi, CEO of Folks Finance
