iPeakoin, a pioneering neobank at the intersection of traditional finance and the crypto industry, has successfully concluded its Series A funding round, securing “close to ten million dollars led by ZhenFund,” according to the founder. Founded in 2020, iPeakoin boasts dual headquarters in Singapore and Hong Kong, and its unique position in the fintech landscape lies in seamlessly bridging traditional financial services with the rapidly evolving crypto sector. The founding team, comprising alumni from esteemed institutions like Stanford and the University of Michigan, brings a wealth of expertise in fintech, technology, and the crypto industry, having previously worked with tech giants such as Google, Meta, Visa, and Ant Financial.
iPeakoin’s comprehensive and innovative product suite caters to a diverse clientele, ranging from traditional industries like advertising and gaming to global trade and Web3.0 projects. The offerings include:
Crypto Wallet for Enterprises: This product facilitates the seamless management of large-volume digital assets, designed specifically for enterprise clients requiring heightened control and compliance standards.
Global Account: Streamlining the “Know Your Business” process for fiat settlement, exchange, and payment, the Global Account interfaces with the Crypto Wallet to offer a holistic financial solution.
Quantum Virtual Card: An innovative virtual multi-currency business credit card enabling online payments wherever Visa or Mastercard is accepted. iPeakoin has been a trailblazer in crypto card solutions, having successfully implemented them with multiple clients, including Onekey.
Particle Treasury: This offering provides attractive yields for idle funds with flexible terms, backed by US T-bills.
iPeakoin occupies a pivotal role in mainstream crypto adoption by addressing the demand for a banking platform that adeptly manages both crypto payments and traditional financial services. The platform effectively narrows the gap between traditional and digital finance, assisting businesses in streamlining payment flows and gaining access to new market shares. Notably, iPeakoin significantly reduces onboarding time compared to traditional banking, allowing businesses to commence operations in a matter of days.
In emerging markets, where cryptocurrencies are increasingly recognized as trading and investment assets, iPeakoin’s services have proven particularly valuable. The company’s innovative approach allows businesses in developed markets to accept cryptocurrency payments from emerging-market countries, tapping into a previously underserved and lucrative sector.
Michael Wu, the Founder and CEO of iPeakoin, underscores the importance of cryptocurrencies in cross-border corporate transactions, emphasizing their role in day-to-day business operations rather than purely as investment opportunities. Wu notes that a growing number of multinational corporations are leveraging cryptocurrencies for business purposes, pointing to their utility in regions with unstable economic environments and volatile currency exchange rates.
According to Robert Feng, the VP of Sales and Strategy at iPeakoin, the trend is positive, stating, “We see more and more companies in traditional industries adopting crypto for various reasons, especially those operating in countries with unstable economic environments and volatile currency exchange rates. It’s also a good sign to see regulators formulating relevant policies so that cooperates and service providers like us know how we move forward in a compliant manner.”
iPeakoin is actively investing in building banking infrastructures across multiple continents, including the Middle East, Latin America, and India. Wu explains the need for swift action due to client demands: “We are frequently asked by our clients if we can help them in this or that country, so we have to move at lightning speed to build up local capabilities by working with local banks or payment providers. Meanwhile, we also need to navigate local regulations, which sometimes can be ambiguous, to ensure compliance and anti-money laundering standards. That’s why we invest a lot in acquiring licenses and partnering with licensed financial institutions.”
The company’s ambitious vision aims to redefine global business banking, offering greater control over business funds and simplifying transactions. iPeakoin’s commitment to product differentiation and compliance has resulted in a remarkable fivefold growth in 2023.
Rommy Song, iPeakoin’s co-founder and head of product, encapsulates the company’s product vision in a single sentence: “We aim to develop an innovative product that enables new businesses and new markets to foster their growth. By effectively combining traditional financial infrastructure with blockchain technology, we can offer more efficient solutions that align with the evolving demands of the new business landscape.”