# Nuo Bank

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/nuo-bank

- Industry: Financial Services
- Headquarters: Singapore, Singapore
- Website: www.nuo.network
- Total disclosed funding: $17M
- Latest round: Series A (Feb 22, 2023)
- Investors on record: 11

## About

Nuo Bank is a decentralized lending platform that allows users to borrow and lend cryptocurrencies, emphasizing a non-custodial approach to transactions and enabling instant access to funds without platform fees.Founded in 2018 in Singapore, Nuo Bank operates a decentralized debt marketplace that connects borrowers and lenders of cryptocurrency assets. The company was established by Ratnesh Ray, Siddharth Verma, and Varun Deshpande, who have previously been involved in other ventures. The firm has engaged in two notable investment rounds, with its most recent funding of USD 17.04 mn in Series A completed on February 22, 2023, bringing its total amount raised to USD 17.04 mn and its current valuation to USD 56.60 mn.Nuo Network provides a decentralized debt marketplace facilitating lending and borrowing of cryptocurrency assets, primarily focusing on Ethereum (ETH) and ERC20 tokens. Users can secure loans by staking collateral through smart contracts, which allows for immediate access to funds without the imposition of platform fees. In addition, Nuo offers a lending service that enables users to earn interest on their crypto assets by creating debt reserves. The platform serves individual cryptocurrency users and decentralized finance enthusiasts globally, allowing them to leverage their digital assets for investment or trading purposes.In the most recent fiscal year, 2023, Nuo Network reported a revenue of USD 1,350,011 and an EBITDA of USD -7,071,512. The company generates revenue through transaction fees related to its platform, although it currently does not charge users for its services, facilitating direct and transparent interactions between borrowers and lenders without hidden fees.Following its recent funding round on February 22, 2023, Nuo Bank plans to utilize the raised USD 17.04 mn to enhance its product offerings and expand its market presence. The company is focused on developing new products that enhance user experience and increase transaction efficiency. Additionally, Nuo aims to expand into Asian and European markets by the end of 2024, aiming to attract more users and diversify its customer base in the rapidly growing cryptocurrency landscape.

## Funding rounds

- Series A, Feb 22, 2023, $17M — Greycroft, Mithril, Jump Capital, Polychain Capital, ConsenSys Ventures, Antler, Hashed Ventures, Dragonfly Digital Management, Surge, Uncorrelated Ventures, ParaFi Capital

## Investors

- Greycroft (https://capitalatlas.ai/funds/greycroft) — Series A
- Mithril (https://capitalatlas.ai/funds/mithril) — Series A
- Jump Capital (https://capitalatlas.ai/funds/jump-capital) — Series A
- Polychain Capital (https://capitalatlas.ai/funds/polychain-capital) — Series A
- ConsenSys Ventures (https://capitalatlas.ai/funds/consensys-ventures) — Series A
- Antler (https://capitalatlas.ai/funds/antler) — Series A
- Hashed Ventures (https://capitalatlas.ai/funds/hashed-ventures) — Series A
- Dragonfly Digital Management (https://capitalatlas.ai/funds/dragonfly-digital-management) — Series A
- Surge (https://capitalatlas.ai/funds/surge) — Series A
- Uncorrelated Ventures (https://capitalatlas.ai/funds/uncorrelated-ventures) — Series A
- ParaFi Capital (https://capitalatlas.ai/funds/parafi-capital) — Series A