Linus raises $1M in Seed Funding
In July 2019, I started Linus with my business partner Matt Hamilton because we recognized that the everyday lender had limited options to grow wealth through traditional savings accounts. We believed — and we still believe — that everyone should have access to the wealth-building opportunities of emerging digital asset markets.
We saw the huge void in the financial market and knew we could meet rising consumer demand for access to both uncorrelated risk and digital assets. We were also frustrated by traditional investment vehicles — low interest rates from banks, the risky nature of stocks — so we started building a novel approach to crypto markets and blockchain networks in an easy-to-use account. In March 2020, we released our public beta, LEAP (Linus Early Access Program). Our high-yield cash account, offering up to 4.5% APY on deposits, connects users to a new type of borrower, one willing to pay higher interest rates to access digital dollars.
Nearly two years later, I’ll admit it’s been a rollercoaster, from receiving the “2020 Innovation Award” at the Paris FinTech Forum, to a successful pre-seed raise in August 2020, to meeting the challenge of growing operations and offerings during a pandemic. Our team has introduced multiple deposit methods, recurring deposits, tiered rates, and has even built a tool to help new savers convert interest rates between APR and APY. I’m proud to announce that Linus Financial Inc has closed $1 Million in seed financing led by Dundee Venture Capital, in addition to participation from other new investors.
I’m excited to share this news with you because if you’re a Linus user, you’ve told us that you love our flagship product but you wish we offered faster deposits, more transparency, and better investment options. With this investment, we’ll be able to further develop our infrastructure, expand features, and further capitalize on our market position, creating a better user experience for you. I can’t wait to focus on building even more products that give every investor the same wealth-building opportunities previously exclusive to high net-worth individuals.
If you haven’t tried Linus yet — we’re still in Beta and we’re preparing to launch our first generally available product this month — I encourage you to learn more about us at https://www.getlinus.io. Use my referral code to join our waitlist and receive a $20 bonus on your first deposit of $100 or more.
