Tether, Gnosis co-lead $4.4 million seed round for lightweight mobile-friendly Sorted Wallet

Tether and Gnosis have co-led a seed funding round for Sorted Wallet, a non-custodial crypto wallet designed for mobile devices in emerging markets.

The round totals $4.4 million, including $3.4 million in equity funding led by Tether and Gnosis, with participation from Movement, Angel Invest Group and individual angel investors like the founders of RWA.io, as well as $1 million in strategic support from Vox Solutions, according to the announcement. 

Launched in 2022, Sorted is the lightest crypto wallet on app stores at just 10MB, making it an appealing solution for mobile devices like stripped-down feature phones. 

The wallet has been downloaded 500,000 times, according to the announcement, with Nigeria, Kenya, Tanzania, Bangladesh and Madagascar representing its fastest-growing markets. It also has market penetration in Central America, including Mexico.

With the additional funding, Sorted intends to expand geographically, particularly targeting Sub-Saharan Africa and South Asia, as well as its integrations with mobile operators. The team is also releasing a new payment mechanism in May, according to the announcement. 

In the release, Tether CEO Paolo Ardoino noted the firm has "reinvested" in Sorted Wallet, which provides a solution for "everyone, regardless of device, economic status, or location."

"Over the years, digital asset use cases have evolved from trading tools to real-life applications, promoting financial freedom and inclusion. However, to achieve true inclusion, we must reach hundreds of millions of people who cannot afford smartphones or data plans," Ardoino said.

Tether’s USDT has seen wide adoption outside the U.S., particularly as a low-fee transaction method in emerging markets. Gnosis, a crypto R&D studio that has spun out projects like the non-custodial Safe wallet, also pursues global adoption. 

"Gnosis views Sorted as a key distribution layer for bringing stablecoin-based payments into real-world use, extending accessible financial infrastructure to users beyond the reach of traditional fintech," Daniele Pinna, an investment partner at Gnosis, said.