DeFi platform Folks Finance has completed a Series A financing of $3.2 million at a valuation of $75 million

On November 14, the DeFi platform Folks Finance raised $3.2 million in a Series A funding round, reaching a valuation of $75 million. This round of financing was led by Borderless Capital, with participation from Algorand Ventures, Mapleblock Capital, Sovo Ventures and others. The total amount of funds raised by 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 this year while the remaining $1.2 million was recently collected. He declined to comment on the structure of this financing round but indicated that the $75 million reflects both equity valuation and fully diluted token value (FDV), suggesting that Folks Finance may issue tokens in the future.

According to RootData, Folks Finance is a DeFi platform providing innovative tools for lending, trading and managing digital assets. Users can deposit assets to accumulate earnings; obtain loans by providing collateral; exchange assets through Folks Router; and participate in Algorand governance through gALGO and xALGO assets.