Argent, one of the first smart wallets for cryptocurrency and decentralised applications, has announced raising approximately $12 million Series A led by Paradigm, the Sequoia Capital-backed fund. Argent’s existing investors, Index Ventures, Creandum and firstminute capital, also participated. The London-based wallet startup has now raised $16.2 million since it was founded in December 2017.
The startup is being co-founded by Itamar Lesuisse and Gerald Goldstein, who previously founded Peak, the world’s largest brain training app (60 million downloads). Despite still being invite only, Argent users already have several million dollars of assets in their wallets. In the last 6 months, Argent saw 330% growth in wallets with assets
Argent Chief Executive Itamar Lesuisse said there are more than 3,000 active user accounts already during the six-month closed beta, and more than 1,000 people on the waiting list for the public launch in April. He said so far more than half of them use DeFi products, like loans and interest-bearing deposits.
Users can now take out a crypto-backed loan with just a few clicks of a button.
Decentralised Finance – DeFi
Lesuisse said his 17-person startup’s mobile wallet is “as simple as Venmo,” and will expand its DeFi product options this year.
The mobile wallet is designed for simplicity. It allows users to purchase crypto with their debit cards or Apple Pay accounts, through partnerships with Wyre and MoonPay.
This wallet has a unique identifier associated with the phone and a back-up recovery method set up with either Argent or the user’s friend or relative, which is unique compared to similar mobile wallets with private keys.
For now, Argent doesn’t focus on monetization, as it only receives small fees from DeFi providers. According to Lesuisse, a user holds an average of $2,000 in his or her Argent wallet.
“This is a big step in our mission to help people control and benefit from their digital assets and identity. Crypto’s unfamiliar to many so we’ve cut out all the complexity and built a mobile wallet as simple as Monzo or Revolut, if not easier. Argent lets anyone, anywhere access new economic opportunities, exchange value as easily as an email, and enjoy digital services without sacrificing their data. It’s the next evolution of money and the internet and we couldn’t be more excited for the journey ahead.”
– Itamar Lesuisse, Argent’s CEO.