Seattle-based fintech startup Seashell unveils inflation-resistant investment product alongside $6m seed round
Seashell, the fintech company dedicated to building a consumer-first, modern banking and investment experience, emerged from stealth with the announcement of Seashell Save, an easy-to-use, high yield finance app offering up to 10% interest to users.
The company also announced a $6 million seed funding round backed by a list of prominent investors with backgrounds in consumer finance, Web3, and government service. Co-led by Khosla Ventures and Kindred Ventures, the round also included Robinhood's Co-founder and CEO Vlad Tenev, Shark Tank's Mark Cuban, unicorn investor Elad Gil, former CFTC Chairman and "CryptoDad" J. Christopher Giancarlo, Coinbase Ventures, and founders of Web3 projects including Terra, Solana, Avalanche, and Polygon.
Due to inflation, prices have risen 7.0% over the past year–the largest increase since 1982–leaving consumers searching for alternatives to bank interest rates, which have been trapped well below 1%.
Seashell.com offers users simple, smart, and secure ways to earn yields, automating the complex processes of managing money. After opening a verified account, users simply transfer money from their bank accounts and start earning steady interest in Seashell Save. The investment app is free to set up, and the company aims to provide higher yields than what most banks can offer, directly to its users.
Daryl Hok, Founder and CEO, Seashell: "Higher interest rates exist, but they are hard to access for the average consumer. By prioritizing compliance and building an easy-to-use mobile app, Seashell.com aims to be the new, smarter home for your money, raising the tide for everyone."
Seashell is led by an experienced team from Google, Robinhood, Klarna, Snap, NerdWallet, and leading blockchain security firm CertiK, where Hok previously served as COO. The team is actively hiring engineering, marketing, and design talent to revamp today's archaic banking and investment experience through modern technologies and simplified products.
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