Indian fintech startup Zamp Finance raised $21.7M in seed funding led by Sequoia India and Southeast Asia.
Amit Jain, the former leader of Uber's Asia Pacific division, founded
the startup, which offers businesses a platform to invest in U.S.
Treasury bills as a hedge against bank failures.
- The platform saw hundreds of new signups within two weeks following the collapse of Silicon Valley Bank.
- According
to Jain, the majority of the company's clients are startups that are
opting for the platform to protect their capital against currency risks
and bank failures rather than multiplying their money.
- Uber CEO Dara Khosrowshahi, former SoftBank COO Marcelo Claure, and Doordash CEO Tony Xu participated in the seed round.
- Jain was formerly a partner at Sequoia India and Southeast Asia.
