Nigeria’s Xend Finance increases size of funding round to $2m
Nigerian fintech, Xend Finance, a decentralised finance platform for credit unions and cooperatives, has topped up its funding round to $2 million as it announces a key partnership.
The start-up initially launched its platform publicly late last year after raising $1.5 million in funding from investors including: Binance Labs, Google Developers Launchpad, AU21 Capital, Ampifi VC, JUN Capital, TRG Capital, and Sandeep Nailwal, among others.
According to Disrupt Africa, the round has been topped up with additional investments from new investors, led by NGC Ventures and Hashkey, bringing the total raised in the company to $2 million.
Xend Finance has also announced a product integration and business partnership with TechFusion Africa, a Software-as-a-Service (SaaS) provider in Africa.
It has developed a platform that gives everyone access to the global money market so members can save and invest in stable currencies.
The start-up took part in the Google Launchpad Africa accelerator and the Binance Incubation Programme in 2019.
The Xend Finance platform also allows users to create their own credit unions and cooperatives, eliminating traditional middlemen, while earning up to 15% annual percentage yield on their savings.
TechFusion Africa counts nearly 5,000 credit union members across its suite of products who will gain access to Xend Finance’s decentralised finance credit union platform.
Xend Finance gives TechFusion Africa’s members access to the global money market so members can save and invest in stable cryptocurrencies, while earning higher interest rates.
“We’re very excited to be forming practical and tangible business partnerships that can provide immediate dividends for people who need it in developing countries,” says Aronu Ugochukwu, chief executive officer (CEO) of Xend Finance.
“TechFusion is one of the leading providers of solutions for cooperatives and credit unions in Africa and partnering with them ensures that we can spread the rewards of decentralised finance decentralised finance faster across the continent.”