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PennyWorks
DeFi-based lending and investment platform
- 1-20 employees
- Fintech
- B2C
- B2B
- Cryptocurrency
- Lending
- Investing
- Financial Services
- SaaS
- Hoboken, NJ
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Company mission
PennyWorks' mission is to provide everyone with access to investing without sacrifice.
Our take
PennyWorks is a financial platform that launched in 2022. It offers investors the ability to invest in opportunities using cryptocurrency, with an up to 8% annual percentage yield - 114x the national saving average. Its aim is to tame market volatility with stability-oriented products that deliver sustainable yields from investments.
The company's collateralized digital asset lending approach allows investors to earn more than traditional financial products without the risk typically associated with cryptocurrencies. It only lends specific currencies pegged to the US dollar which are collateralized - this creates a low-risk environment, and loans can be recalled in real-time, which means that investors can have access when they need it.
The founders are experienced finance and technology veterans who understand the cross-section of decentralized fintech, and its team is committed to compliance, which will enable PennyWorks to stand out in the increasingly crowded DeFi world in the long term. Its most recent funding round is helping PennyWorks to bring its platform to market and is funding platform development, marketing, and operations.
Kirsty
Company Specialist at Welcome to the Jungle
Company values
- Community - While we are fully remote, we are a tight-knit team. We help each other, grow together, and win together
- Balance - Live your full life, be fulfilled at work, but not at your life’s expense
- Ownership - Regardless of what you do, own your work and be proud to stand behind it
- Have fun - Who says building a new financial world order needs to be a serious affair? The only thing serious is how awesome it is going to be
Funding (1 round)
Jun 2022
$2m
SEED
Total funding: $2m
Leadership
Ivan Zhang
(CEO)Experience as Head of Data Execution in FICC Options for DRW from 2018 to 2021. Co-founder at Blockchain Systems LLC since 2016.
Karol Przybytkowski
(CTO)Experience as Director of Quantitative Finance Management for Bank of America from 2015 to 2018. Senior Software Engineer for DRW from 2019 to 2021.