Big Win For Huma Finance: $8.3 Million Seed Funding To Disrupt Crypto
Key Points:
- Race Capital and Distributed Global co-led Defi Huma Finance’s $8.3 million fundraising.
- The funds will be used to structure a loan agreement backed by future revenue.
- The DeFi startup also received backing from other investors, including Circle Ventures, Robot Ventures, and ParaFi.
Huma Finance, a DeFi business, raised $8.3 million in a seed round to develop an income-backed lending protocol.
Huma’s first offering is an on-chain factoring market, allowing users to borrow money instead of using their current token holdings as collateral.
Erbil Karaman, Richard Liu, Ji Peng, and Lei Du, who have a lot of collective experience working at Google, Meta, Lyft, Microsoft, Earnin, and OpenDoor, established Huma. Three of the co-founders of Huma previously held top positions at Earnin, one of the most popular fintech businesses in the US that offered financial healthcare solutions to millions of people struggling to make ends meet.
Huma’s first product is an online factoring marketplace where individuals or businesses can borrow based on their future earnings instead of their existing token assets. Initial partners on the protocol include Circle, the stablecoin issuer, and the Request Network and Superfluid blockchain payment networks.
The seed round was co-led by Race Capital and Distributed Global. The investors in the competition were ParaFi, Circle Ventures, and Robot Ventures.
Instead of using tokens, the protocol allows borrowing based on cash flow. A borrower may use receivables like invoices or pay stubs as collateral.
“We are happy to work with the entire Huma Finance team (…). Income is the most important input in traditional lending, but no decentralized finance lending protocol exists. Today’s middle class understands the income category of businesses or people. Huma Finance will start with the global factoring services market, which is valued at $3.5 trillion. la in 2022.”
Edith Yeung, General Partner at Race Capital, said.
The DeFi hackathon track at ETHDenver was won by Huma the previous year.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Foxy
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Big Win For Huma Finance: $8.3 Million Seed Funding To Disrupt Crypto
Key Points:
- Race Capital and Distributed Global co-led Defi Huma Finance’s $8.3 million fundraising.
- The funds will be used to structure a loan agreement backed by future revenue.
- The DeFi startup also received backing from other investors, including Circle Ventures, Robot Ventures, and ParaFi.
Huma Finance, a DeFi business, raised $8.3 million in a seed round to develop an income-backed lending protocol.
Huma’s first offering is an on-chain factoring market, allowing users to borrow money instead of using their current token holdings as collateral.
Erbil Karaman, Richard Liu, Ji Peng, and Lei Du, who have a lot of collective experience working at Google, Meta, Lyft, Microsoft, Earnin, and OpenDoor, established Huma. Three of the co-founders of Huma previously held top positions at Earnin, one of the most popular fintech businesses in the US that offered financial healthcare solutions to millions of people struggling to make ends meet.
Huma’s first product is an online factoring marketplace where individuals or businesses can borrow based on their future earnings instead of their existing token assets. Initial partners on the protocol include Circle, the stablecoin issuer, and the Request Network and Superfluid blockchain payment networks.
The seed round was co-led by Race Capital and Distributed Global. The investors in the competition were ParaFi, Circle Ventures, and Robot Ventures.
Instead of using tokens, the protocol allows borrowing based on cash flow. A borrower may use receivables like invoices or pay stubs as collateral.
“We are happy to work with the entire Huma Finance team (…). Income is the most important input in traditional lending, but no decentralized finance lending protocol exists. Today’s middle class understands the income category of businesses or people. Huma Finance will start with the global factoring services market, which is valued at $3.5 trillion. la in 2022.”
Edith Yeung, General Partner at Race Capital, said.
The DeFi hackathon track at ETHDenver was won by Huma the previous year.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Foxy
Coincu News
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