Ottr Finance

Acquired

Ottr Finance is a digital wallet built on the Solana blockchain that enables instant, fee-free payments and crypto transactions using USDC, eliminating the need for private keys. Users can securely manage their funds with passwordless access and earn approximately 6% APY on their Solana holdings, all while avoiding international transfer fees.

Traction 6/10

San Francisco, United States · HQ

Founded 2022300+ followers

Blockchain & Cryptocurrency
Financial Technology

Updated 7 months ago

Funding

Raised to date

$3.1MRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.

across 1 round

CVKR

$3.1M · Pre-Seed

Announced Oct 2022

Disclosed cumulative: $3.1M

RoundDateAmountValuationInvestors

Founders

4 founders

Himadri Majumdar

Co-founder & CEO

Helsinki, Finland

PhD in Solid State Physics at Jadavpur University

Janne Lehtinen

Co-founder & CSO

Espoo, Finland

PhD in Quantum phase slips in superconducting nanostructures at University of Jyvaskyla

Markku Kainlauri

Co-founder & Lead Fabrication

Helsinki, Finland

MS in Engineering Physics at Teknillinen korkeakoulu-Tekniska hogskolan

Mika Prunnila

Co-founder & CRO

Helsinki, Finland

Doctor of Science (Technology) in Electrical Engineering & Semiconductor Physics at Aalto University

Product

Problem

Traditional cryptocurrency wallets often require users to manage complex private keys, creating a barrier to entry for mainstream adoption and increasing the risk of loss or theft. Existing solutions may also involve transaction fees and delays, hindering their usability for everyday payments, especially for international transfers.

Solution

Ottr Finance provided a mobile wallet built on the Solana blockchain that aimed to simplify cryptocurrency transactions using USDC. The wallet enabled instant, fee-free payments by abstracting away the complexities of private key management through passwordless access. Users could send money globally via usernames, phone numbers, or email addresses. The platform also offered users the ability to earn approximately 6% APY on their Solana holdings.

Target Audience

The primary target audience included individuals seeking a user-friendly mobile wallet for everyday cryptocurrency transactions, particularly those new to crypto or those who frequently send money internationally.

Features

Passwordless access, eliminating the need to remember or manage private keys
Automatic encryption and backups to iCloud or Google Drive for secure key storage
Fee-free transactions using USDC
Instant global transfers
Integration with Solana blockchain for earning yield on holdings