Tilia secures strategic investment from JPMorgan
- Tilia has secured a strategic investment from JPMorgan; a return investor.
- The funding is set to facilitate the platform's scaling up and establishment of new partnerships.
Tilia announced a strategic investment from JPMorgan - a return investor on Tuesday. The funding will be used to scale up its team and establish new partnerships for the metaverse platform.
Tilia is a payment platform built with NFT providers, gaming companies, developers of mobile applications, and virtual world publishers in mind. Indeed, it seeks to make it easy for entities within the digital economy to make transactions and payments in a regulated manner.
The platform was launched in 2019 by Linden Lab with the aim of allowing its users to purchase Linden Dollars for use to make payments within Second Life and even cash them out. However, amid its growth, regulators required the firm to get money transmitter licenses (MTLs) for each territory and state. As highlighted by the company’s CBO, it took seven years to fully meet this requirement.
Tilia’s strategic investment
On Tuesday, Tilia announced that it has gotten another strategic investment from JPMorgan. In addition to this return backer, Dunamu is also part of the investment. The latter investor is a Seoul-based company that operates the crypto exchange Upbit.
It is unclear how much Tilia has raised in this investment round. However, since its spin-off from Linen Lab, it has obtained $22 million. The funds are aimed at facilitating the expansion of the firm’s workforce, which currently comprises over 70 individuals.
This is in line with its status as a growing business that is keen to continue scaling its platform. In addition, Tilia’s newly appointed chief business officer (CBO), Catherine Porter has stated that the funds will be helpful in establishing new partnerships.
The strategic investment comes at a time when the firm has appointed a new CEO, Brad Oberwager and its first CBO, Catherine Porter. It has also appointed another CFO, Aston Waldman.