Greenwich, Connecticut, 24th May, 2022, Chainwire
Spritz Finance, which offers decentralized financial services (DeFi), allowing users to easily pay their bills with crypto, recently closed a pre-seed round of $2.5 million. The funds will be used for hiring, expanding the platform’s crypto payments integrations, and making the product compatible across multiple blockchains.
Some of the notable investors include Polygon Co-Founder Sandeep Nailwal, former Coinbase CTO Balaji Srinivasan, and Aaron Harris, former Fintech Partner at Y Combinator. The funding round also includes participation from Ledger Prime, OrangeDAO, Shima Ventures, DCG Genesis, Awesome People Ventures, and others.
Spritz is founded by Christopher Sheehan, an MIT Computer Scientist and former Y Combinator investee.
“We believe there is a strong need to better connect real-world bill payments with crypto wallets that are easy to set up and simple to manage,” Sheehan said. “Our mission is to automate financial freedom for millions of people by enabling them to better utilize their on-chain income streams – whether from putting capital to work or by staking, earning in games and yield farms – to directly pay their expenses each month, without needing a bank.”
Nailwal said Spritz is building the exact type of product that he envisions on the Polygon network.
“I’m so excited to be backing Spritz and be a part of bringing personal finance into the Web3 era,” he said. “Mass adoption of crypto is our core mission at Polygon, so by enabling anyone who’s generating income streams through DeFi, P2E games, NFTs, and the Metaverse, Spritz is a perfect fit for our ecosystem. I’m looking forward to helping Chris and his team builds the future of finance.”
According to Srinivasan, the crypto market has a strong need for companies providing more crypto offramps integrated with today’s leading stablecoin yield protocols and DeFi apps, such as Aave and Sushiswap. This makes it seamless for people to program their interest-bearing crypto accounts towards paying real-world bills like their rent, credit cards, or student loan.
“People will probably pay more bills using crypto in the future,” Srinivasan said. “Spritz is working on making that mainstream sooner than later.”
Spritz will also be using the funds to further build bridges and connections from the real world to the digital world. The company envisions a multichain future, where current and new layer 1 and layer 2 blockchains, including Bitcoin, are used by people around the world every day to pay their bills. Spritz plans to build developer tools to empower engineers outside the US to connect TradFi services, like utility payments or mobile money, to the wide world of crypto, simply by integrating with Spritz”.
Spritz, which is currently hiring for many key roles, is testing its bill-pay product in a closed beta. However, users interested in testing it out can join the waitlist for the beta by visiting Spritz’s website. The company is building its initial DeFi to TradFi off-ramp on the Polygon network, which has over $3.5 billion in total volume and enables faster and cheaper transactions, with plans to support other popular networks for DeFi, including Solana and Terra in the future.
About Spritz Finance
Spritz Finance enables bill-pay directly from DeFi protocols, with no bank required, on a path to eventually connecting every smart contract and every traditional use-of-funds in the entire world- from mortgage payments and credit cards to monthly utility bills. Through the company’s first product, customers can schedule their bill payments from their crypto wallets and favorite DeFi protocols without ever needing to unwind their positions or offramp through a bank. The company is currently in closed beta with a waitlist, which can be joined from the Spritz website. https://spritz.finance