Mudrex, is bringing wealth tech to crypto, Edul Patel, company CEO & Co-founder said.
BENGALURU, Feb 8, 2022: Mudrex, a Bengaluru and San Francisco-based Y Combinator-backed crypto investing platform, announced today that it raised $6.5 million in a pre-series A round from Arkam Ventures, Tribe Capital, and Bolt by QED Investors to make investing easy for the new wave of retail investors joining crypto.
The round follows a $2.5 Mn seed funding the startup raised 4 months back led by Nexus Venture Partners, Village Global with participation from Kunal Shah, Anand Chandrashekharan, and Anjali Bansal.
Edul Patel, CEO & Co-founder of Mudrex, said, “Mudrex is bringing wealth tech to crypto. Investing in crypto in the true sense of the term does not exist today. Most retail users end up purchasing tokens hoping to multiply their money in a matter of days. This is not investing and can be very risky. This is exactly what prevents the common retail investor from participating in this new emerging financial ecosystem.
“Our vision is to become the world's largest crypto investing platform. We will do this by creating simple to understand products and making investing seamless. This funding allows us to continue working towards our mission of making crypto easy for everyone”
Mudrex has clocked a 450% user growth in 4 months and currently has more than 100,000 users from over 100 countries. The funding round will help Mudrex accelerate user acquisition, licensing and expand rapidly in geographies like India, the US, Europe and Latin America.
Rahul Chandra, Managing Director, Arkam Ventures, said, “Crypto as an asset class is becoming pervasive amongst retail investors across the world. The adoption will be accelerated by a product like Mudrex that makes crypto investing easier for masses by managing complexity of crypto in the background. The crypto asset management industry is set to grow to a $12.5 billion industry by 2025 and we are excited to partner with Mudrex as they expand crypto ownership and wealth creation.”
Mudrex simplifies crypto investing by providing products similar to ‘Mutual Fund’ and ‘ETFs’ but for crypto. This, along with direct conversion of local currency to crypto, global liquidity and a secure wallet makes crypto investing using Mudrex a breeze. Its flagship product, Coin Sets, has emerged as a game-changer, with a month-on-month retention rate of more than 90%, one of the best across the industry.
“The cryptocurrency ecosystem is at an inflection point. Mudrex team has shown incredible potential and growth in carving a niche for themselves in a product-first customer-centric manner. They are operating at the intersection of three growth trends - access to wealth management services for retail investors, social investing by a new upcoming class of retail investors who are more risk taking, and crypto trading. They are growing fast and building deep community and technology. We are very happy to double down on the company” added seed investor Pratik Poddar, Partner, Nexus Venture Partners.