Valora, Celo’s native digital wallet, is being spun off into a separate business that has already raised $20 million in a Series A investment headed by Andreessen Horowitz. Celo is an open-source blockchain payments outfit.
Celo is developing a financial services DeFi network with infrastructure and tools that are available to everyone with a smartphone. Valora was made available to the public in February to allow users to store, transfer, and spend digital currency easily.
The application can transfer money to almost any cell phone number globally and is functional with any smartphone, including those with limited internet access. In addition, users are not required to have a bank account, and service charges are paid with the same stable token.
In newer markets, all of these functionalities are helping the application gain momentum. For example, Celo has also teamed up with the Grameen Foundation to use Valora to assist over 3500 businesswomen in the Philippines who have been affected by Covid-19. Meanwhile, Impact Market uses Valora to enable worldwide distribution of assistance via one of the world’s biggest private UBI programs.
In over 100 nations, the application now has over 200,000 users with a balance and 53,000 monthly active users. The unit now aims to speed up its expansion as a separate corporation with $20 million behind it.
Jackie Bona, CEO Valora, stated: “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.”
“Valora is tackling many of the friction points that have hindered the broader adoption of crypto and DeFi. It’s truly becoming the global gateway to crypto,” noted Arianna Simpson, general partner, a16z crypto.