Huma Finance Nets $8.3 in a Seed Funding Round to Support its Lending Platform
The popular income-backed decentralized finance (DeFi) platform Huma generated $8.3 million in a seed funding round. The funding round was reportedly led by leading venture capital firms, including Race Capital and Distributed Global Ventures, alongside other participants.
The February 23 report disclosed that the funds would be utilized to develop its newly launched product on-chain factoring project and expand Huma’s geographical presence.
Huma’s Funding Round
In 2022, Huma scooped a global award under the Decentralized Finance (DeFi) category at the ETHDenver event. Notably, high-profile digital firms attended the event to benefit from the ETHDenver hackathon program.
Huma has made bold moves by activating an income-backed DeFi platform to provide a solution to the financial sector. In its recent development, Huma partnered with other Fintech companies, including Circle Finance, Request Network ,ParaFi, Robot Venture, and Superfluid, to improve its lending services. The main advantage of the income-backed DeFi is the enormous potential to borrow against invoices and investor income.
The February 23 report confirmed that the Huma Finance funding round yielded $8.5 million. The report revealed plans to invest the amount in the Huma global factoring service project that was valued at $3.5 trillion in the last year’s valuation.
Previously, Huma Finance engaged Google, Meta, and Microsoft to create a blockchain-based financial system.
Huma Finance Partners with Venture Capital Firms
According to a report by Huma chief executive Erbil Karaman dated February 23, he argued that improving the accessibility to financial services will be of great benefit to humanity. He stated that attaining the desired objective in the financial sector requires a lot of commitment.
Karaman pledged to collaborate with his team to launch a blockchain-powered financial system that revolutionizes the operation of the traditional finance sector.
In his address, Karaman revealed that integrating the blockchain system will boost the accessibility and efficiency of credit markets.
A subsequent update from Huma chief technology officer Richard Liu revealed that integrating the DeFi platform into the financial market would fast-track the payment settlement process. In his speech, Liu reiterated that the integration of blockchain technology to the finance sector would solve 99% of real-world challenges.
In addition, the funding round motivated Huma to increase its partnership by collaborating with Request Finance to provide sustainable financial solutions. The Request Finance team has made moves in the financial sector by developing an innovative invoicing system for secure transactions.
A statement issued by the president of Request Foundation, Christophe Lassuyt, revealed that the partnership with Huma will improve the peer-to-peer invoicing crucial in decentralized financing.
In support of Lassuyt’s statement, the general partner of Race Capital, Edith Yeung, argued that the current finance market lacks a DeFi lending platform that matches the needs of the income generated from the business.
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