Exactly raises $3 million seed funding to bring fixed income to DeFi.
Exactly Protocol raised a $3 million seed round led by Kaszek. The project looks to bring fixed income to DeFi, one key money lego that could open the industry to connect with traditional finance and help DeFi go mainstream.
The round was joined by other investors such as 6th Man Ventures, Baires DAO, 11–11 DG partners, Newtopia VC, NXTP Ventures, Sur Ventures, and Latitud. Angel investors such as Esteban Ordano (Decentraland), JP Thieriot (Uphold), Ariel Barmat (The Graph), Matias Woloski (Auth0), and Marcos Galperin (MercadoLibre) also joined the round.
Exactly is building an open source, non-custodial protocol on Ethereum that will bring variable and fixed interest rates for lenders and borrowers completing the DeFi credit market.
While the short-term focus is to bring fixed-income solutions to DeFi, the team’s long-term vision is to connect DeFi to the legacy financial world. By connecting the global credit market to DeFi, traditional players could benefit from a liquid and transparent ecosystem that would help consumers, companies, and investors worldwide.
Gabriel Gruber, Founder and CEO of Exactly, explained:
“This funding round will help us continue to build a world class team. Today we are focused on creating a new type of fixed income protocol with the support of outstanding DeFi & VC investors and the overall Ethereum community. The next challenge would be even more demanding, as we want to connect DeFi with the legacy financial system. To succeed, we need to bring fixed rates, and a superb experience to the Alices and Bobs of the world. Currently we can add value to a few hundred thousand of DeFi users but the world has 8 billion people to serve, and we’re eager to tackle this massive opportunity.”
Mike Dudas, Partner at 6th Man Ventures, said:
“We are delighted to support Gabriel, Lucas and the Exactly Finance team as they solve real world financial problems for everyday users. Their innovative platform allows people to borrow at reasonable, fixed rates for longer durations than existing DeFi protocols allow”.
By creating this simple product, which will be integrated with leading DeFi wallets and consumer interfaces, Exactly opens up straightforward borrowing and lending capabilities to a much broader group of people. Exactly is led by an incredible team with deep financial markets and smart contract / DeFi experience. I would encourage anyone looking to work on a product with the potential to touch many millions of everyday borrowers and lenders to reach out to the team to learn more.”
Hernan Kazah, Kaszek Co-Founder & managing partner added:
“We see a gigantic emerging opportunity in DeFi, which will change in the financial landscape in unimaginable ways in the years to come. We feel very lucky for being able to partner with such a great team, that has already shown excellent execution and vision in previous ventures, and in what we believe could be a transformational venture. This investment is part of our recently-raised $1-billion funds.”
We are hiring DeFi wizards & builders
We are looking for shadowy solidity super coders who believe DeFi will shape the future of finance. We are fully remote and working to scale Exactly to become the biggest decentralized credit platform on earth. If you are passionate about DeFi and want to become part of this adventure, you can apply here.
What’s next for Exactly
As we develop Exactly Protocol, we’ll release more content and research around fixed income in DeFi. To learn more, visit our web, follow us on Twitter, or join our discord and telegram.
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PS: If you would like to join our team, please complete this challenge: https://github.com/exactly-finance/challenge
