Xend Finance, Nigerian-based decentralized finance (DeFi) platform for credit unions and cooperatives, has announced a product integration and new partnership with TechFusion, Africa, a software as a service (SaaS) provider.
In November 2020, Xend Finance raised a $1.5 million investment from Binance Labs, Google Developers Launchpad, AU21 Capital, with participation from others. Recently, the platform has secured additional funding in a round led by NGC Ventures and HashKey, bringing the total amount of funding to $2 million.
Being the first decentralized finance (DeFi) credit union, Xend Finance provides the tools and platform for a decentralized financial credit union, irrespective of users’ location and their home currency.
The startup, launched late last year, enables users to create their own credit unions and cooperatives, removing the need for traditional middlemen, while receiving up to 15% annual interest percentage yield on their savings compared to the 1% offered by traditional credit unions.
With this new partnership, TechFusion’s 5,000 credit union members will be able to access Xend Finance’s DeFi services. Also, TechFusion’s members will gain access to the global money market where they can save, invest in stable cryptocurrencies and earn higher interest rates.
Commenting on the alliance with TechFusion, CEO of Xend Finance, Aronu Ugochukwu said, “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,”
“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 DeFi faster across the continent.”
A SaaS company located in Jos, Nigeria, TechFusion is rapidly becoming the hub for solutions that address functional challenges of Cooperative Societies, Credit Unions, Trade Groups that offer over $500 billion of credit to consumers annually.
The company facilitates the provision of financial services to over 66% of the unbanked population in Sub Saharan Africa.
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