Qiro Finance secures $1.2M in pre-seed financing to address huge credit gap in Southeast Asia and other regions

Qiro Finance is a pioneering decentralized finance (DeFi) company founded by Akshay Poshatwar and Nishikant Bahalkar. It supports credit applications backed by tokenized Real World Assets (RWA). Qiro Finance aims to address significant credit gaps prevalent in regions like Southeast Asia by leveraging blockchain technology and stablecoin frameworks.

Qiro Finance successfully raised $1.2 million in its recent seed funding round. In addition to the funding, Qiro Finance received a grant of 100,000 MATIC from Polygon and a $50,000 development grant from the Aptos Foundation, highlighting strong support from leading blockchain ecosystems.

With these funds, Qiro Finance plans to further develop its decentralized credit protocol to enhance its ability to support credit applications backed by tokenized Real World Assets (RWA).

Technical team

Qiro Finance's co-founder and CEO, Akshay Poshatwar, graduated from Pune University and has over 10 years of experience in the fintech lending sector, with a keen sense of market demand.

Akshay Poshatwar has previously completed the following projects:

• PH Security System based on PH SHOPKEEPER
• Robot based on ARDUINO UNO
• Middleware for efficient report migration
• Graphic Resistor Calculator
• Hospital Management System

Qiro Finance's co-founder and Chief Product Officer, Nishikant Bahalkar, previously served as Founding Research Partner at GravityX Capital. GravityX Capital is a research-driven venture capital firm specializing in infrastructure and decentralized finance (DeFi) investments. Nishikant Bahalkar has over five years of professional knowledge and experience advising and supporting some of the most promising crypto projects.

Financing situation

The seed funding round of Qiro Finance was led by the renowned web3 accelerator Alliance. Notable investors such as Druid Ventures, Escape Velocity (EV3), Trident Digital, and CMT Digital also participated. This support highlights investors' growing interest in decentralized credit protocols and tokenization of Real World Assets (RWA).

Investor comments

Alliance founder Imran Khan noted. “Real World Assets (RWA) are gaining traction as legacy companies explore new avenues for crypto financing, and Qiro Finance is well-positioned to facilitate global access to private credit through innovative RWA-backed solutions.”
Druid Ventures co-founder and general partner Chris Pizzo expressed optimism about Qiro’s potential impact: “Qiro has the opportunity to set the standard for credit data infrastructure, providing scalability and rigorous risk management.

Ambition

Going forward, Qiro Finance plans to expand its ecosystem and prepare for the launch of its mainnet later this year. “We envision a future where DeFi and blockchain technology enable universal access to credit,” affirms Akshay Poshatwar. “Our journey begins with empowering fintech innovators in Southeast Asia and is ambitious to expand our reach into different emerging markets.”