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Web3 and decentralised finance (DeFi) startup Argent has raised $40m (£32m) in its Series B funding round led by Fabric Ventures and Metaplanet.

The London-based company will use the capital injection for product development and hiring. Argent is also planning to expand internationally, first into Mexico and then South America.

Argent’s goal is to build a singular, all-in-one app encompassing DeFi and Web3.

Web3, or Web 3.0, is a decentralised internet built on blockchain technology that, when built will be outside the control of governments and corporations.

Argent’s app currently allows for the buying, storing and sending of crypto. Users can also earn interest and trade tokens.

“For crypto to live up to its potential, it needs to break the stranglehold of big exchanges and incumbent wallets. The experience is too scary, expensive and insecure for most people,” said Itamar Lesuisse, co-founder and CEO of Argent.

Founded in 2017, Argent has over 500,000 users of its Layer 2 account, which was launched last year.

The Series B round attracted investment from Paradigm, Index Ventures and Creandum, along with new investors Starkware, Jump and Animoca.

It follows Argent’s Series A round in March 2020 for $12m (£9.6m), led by Paradigm, and a $4m seed round in 2018. To date the company has received more than $56m (£44.9m) in funding.

“Wallets will be central to value accrual in Web3 as users become sticky to their wallet provider. And people in particular will prefer offerings like Argent’s. Its self-custody, smart contract wallet combines security, usability and low fees,” stated Anil Hansjee, general partner, Fabric Ventures.

Argent looking at new features for its app including real estate, gaming, DAOs and NFTs.

It comes amid growing interest in cryptocurrencies and Web3 applications, which some believe will play a role in the nascent metaverse.

Earlier this week British multinational banking and financial services company Standard Chartered purchased real estate in the metaverse.

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