# Parallel Finance

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/parallel-finance

- Industry: Financial Services
- Headquarters: Finland
- Website: www.parallel.fi
- Total disclosed funding: $24M
- Latest round: Series A (Aug 30, 2021)
- Investors on record: 12

## About

Based in Finland and Founded in 2021, Parallel Finance operates a cryptocurrency-based finance platform. The company was founded by Yubo Ruan. In 2021, Parallel Finance has raised USD 2 million and as of 2021, the company is backed by Pantera Capital, Polychain Capital, Lightspeed Venture Partners, Breyer Capital, 8 Decimal Capital, and Hypersphere Ventures.

The company operates a decentralized finance platform that allows cryptocurrency holders to earn interest on their capital. The company’s web application enables its users to lend, deposit, and borrow cryptocurrency with each other. Depositors earn interest on their capital and borrowers pay with extra interest when returning their loan just like regular banks. The company's decentralized money market platform uses its native cryptocurrency, the $PARA token. 

The company plans to use its funding to make its decentralized finance (DeFi) services a bigger part of the Polkadot ecosystem.

## Funding rounds

- Series A, Aug 30, 2021, $22M — Lightspeed Venture Partners, Slow, Blockchain Capital, Polychain Capital, Blockchange Ventures, CMT Digital, Alameda Research Ventures, Gumi Cryptos Capital
- Seed, Jun 14, 2021, $2M — Lightspeed Venture Partners, Breyer Capital, Pantera Capital, Polychain Capital, 8 Decimal Capital, Hypersphere Ventures

## Investors

- Lightspeed Venture Partners (https://capitalatlas.ai/funds/lightspeed-venture-partners) — Seed, Series A
- Breyer Capital (https://capitalatlas.ai/funds/breyer-capital) — Seed
- Pantera Capital (https://capitalatlas.ai/funds/pantera-capital) — Seed
- Polychain Capital (https://capitalatlas.ai/funds/polychain-capital) — Seed, Series A
- 8 Decimal Capital (https://capitalatlas.ai/funds/8-decimal-capital) — Seed
- Hypersphere Ventures (https://capitalatlas.ai/funds/hypersphere-ventures) — Seed
- Slow (https://capitalatlas.ai/funds/slow) — Series A
- Blockchain Capital (https://capitalatlas.ai/funds/blockchain-capital) — Series A
- Blockchange Ventures (https://capitalatlas.ai/funds/blockchange-ventures) — Series A
- CMT Digital (https://capitalatlas.ai/funds/cmt-digital) — Series A
- Alameda Research Ventures (https://capitalatlas.ai/funds/alameda-research-ventures) — Series A
- Gumi Cryptos Capital (https://capitalatlas.ai/funds/gumi-cryptos-capital) — Series A