The future of decentralized finance and inclusive banking economy
Celo is building an open platform where users can access powerful financial tools with their mobile phone easily. Its mission is to develop a financial system that creates prosperity for everyone. The company stated that Celo is a decentralized community of creators such as developers, designers, and dreamers, who are motivated by the power of accessible financial tools for everyone. The platform aims to address the unbanked population issue where one in every three adults do not have a bank account. This means they don’t have a straightforward means of receiving or storing value and are excluded from a large part of the global economy.
According to Crunchbase, Celo has raised a total of $36.5M in 2 funding rounds. The latest funding round was finished on April 2, 2019. There are more than 26 investors who participated in the funding round, including but not limited to a16z Crypto, 9Yards Capital, Greenfield One, Polychain, Andreesen Horowitz, Reid Hoffman, Vijay Pandurangan, Elad Gil, and Arianna Simpson. In addition to that, Celo has acquired Summa on August 13, 2020. The project has 4 core members including its founder Marek Olszewski.
According to its website, Celo will help people to create a new story in sending, giving, lending, regeneration, finance, saving, and education. It has developed the world’s mobile-first blockchain platform with a global impact, solves the community needs, and usable with the latest tech innovations. In other words, Celo is claimed to be the first mobile app that can positively impact more than 5 billion smartphone owners in the world, with supports coming from other stakeholders such as international NGOs and organizations who are committed to building an inclusive financial system.