Xend Finance, the Nigeria startup, has consorted with a significant partner and investor — the decentralized finance (DeFi) company that focuses its businesses on cooperatives and credit unions has received extra funding that worth’s over $2 million.
The startup DeFi platform was also a participant in Google’s investment accelerator program they dubbed “Google Launchpad Africa,” accelerator in 2019.
Xend Finance also took part in Binance Incubation Programme — Binance developed a scheme that grants its global members access to the money market. Simultaneously, they are also permitted to invest and save money directive on currencies that consistently rise in the market.
Xend Finance — as a decentralized platform, they also give their customers access to their credit unions. According to the DeFi company, customers directly access their cooperative businesses without an existing intermediary. Nonetheless, customers who only save liquid assets are entitled to 15% extra on an annual basis.
In the fourth quarter of 2020, Xend Finance received $1.5 million in funds from several Investors including, Google Developers Launchpad, Sandeep Nailwal, Binance Labs, Ampifi VC, JUN Capital, AU21 Capital, TRG Capital, and many more. The startup DeFi company accumulated the funds they received to launch their business operations in Nigeria officially.
According to the Xend Finance chief executive, Aronu Ugochukwu: “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.”
NGC Ventures and Hashkey led the investors that added more funds to the initial $1.5 million Xend Finance received in 2020, which rounded up to its current $2 million.
Prior to Xend Finance’s recent events, they once announced a partnership they initiated with a software tech company, TechFusion Africa. The software company offers its Software-as-a-Service (SaaS) within the commercial regions of Africa.
“TechFusion is one of the leading providers of solutions for cooperatives and credit unions in Africa,” conforming to Ugochukwu while addressing the press on its “partnering with them ensures that we can spread the rewards of DeFi faster across the continent.”
According to TechFusion’s report, they accounted for roughly 5000 several credit unions agitating to consort with Xend Finance’s “suite of product,” which will also grant the startup company access to DeFi credit facilities.
The terms of business that transpired between the two African-based tech companies aim at benefitting both parties. Just as TechFusion links Xend Finance’s members to unlimited finance, the DeFi Company also allows the software company members to access a global money market.
TechFusion’s members will have access to invest in stable cryptocurrencies such as bitcoin. Inline with Xend Finance’s comments, TechFusion’s members will earn an enormous profit if they invest in cryptocurrency.