The DeFi platform Folks Finance completed a $3.2 million Series A funding round with a valuation of $75 million

ChainCatcher news, DeFi platform Folks Finance has raised $3.2 million in Series A funding, reaching a valuation of $75 million. This round was led by Borderless Capital, with participation from Algorand Ventures, Mapleblock Capital, Sovo Ventures, and others. The total funding for Folks Finance has reached $6.2 million.

Benedetto Biondi, co-founder and CEO of Folks Finance, stated that the first $2 million of this round was raised in February of this year, with the remaining $1.2 million raised recently. He declined to comment on the structure of this round but mentioned that the $75 million reflects both equity valuation and fully diluted valuation (FDV), indicating that Folks Finance may issue tokens in the future.

According to RootData, Folks Finance is a DeFi platform that provides innovative tools for lending, trading, and managing digital assets. Users can deposit assets to earn yields, obtain loans by providing collateral, swap assets through Folks Router, and participate in Algorand governance with gALGO and xALGO assets.