PennyWorks Secures $2M in Pre-Seed Funding
PennyWorks, a DeFi-based platform that tames the turbulence of investing with a safe and stable experience, announced it has closed a $2 million pre-seed funding round led by Hi2 Global. This round of financing will help bring the PennyWorks platform to market while funding platform development, marketing, and operations.
The funding round included additional participation from Zachary Harl, former Chief Investment Officer at Bank of America, Putra Manggala, former Staff Data Scientist at Shopify and Leo Mizuhara, Head of Systematic Trading; Fixed Income Options at DRW Holdings, LLC.
“PennyWorks stands out in the increasingly crowded DeFi world, because the founders are experienced finance and technology veterans with deep domain expertise who understand the cross-section of decentralized fintech and also because of the team’s commitment to compliance,” said Hi2 Global CEO Jerry Wang. “The team’s emphasis on developing quality products and addressing regulatory risks is particularly impressive. Hi2 Global plans to partner with PennyWorks to create and lead DeFi as an emerging asset class.”
PennyWorks recently launched in April offering accredited investors the ability to invest in opportunities with up to 8% APY, 114x the national saving average of .06%.
“This investment in PennyWorks is a strong financial show of assurance in our vision to tame market volatility with stability-oriented products that deliver sustainable yields,” said Ivan Zhang, CEO and Co-Founder at PennyWorks. “We are thrilled to welcome this strategic group of partners aligned with our mission to make PennyWorks the platform for investors who believe their financial relationship ought to deliver more.”