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Masa Finance gets $3.5M pre-seed to build its decentralized credit protocol –

Masa FinanceIntegrated credit protocol and decentralization office established by Pngme manager Brendan Playford By late 2020, it had raised $ 3.5 million in pre-seed funding. According to a statement, the company intends to “disrupt traditional central debt financing infrastructure by providing individuals, businesses and device developers with access to credit” through blockchain technology.

The basic principle of blockchain centers about property ownership, including money and financial information. The system seeks to reduce the strain on traditional financial institutions such as banks and credit bureaus that have for decades collected and stored financial information on the world’s banking people.

Widespread financial structure is above this segment of the banking population. Analysts argued that technology can reach areas not covered by these financial institutions. According to them, blockchain can allow non-banks to quickly access services such as loans, mortgages and purchase insurance.

However, there is still room for cooperation between the two worlds, or at least in the case of Masa Finance, even with non-users being targeted.

Masa Finance connects traditional financial accounts and assets to credit bureau systems and banking and crypto data storage for users. This link allows the company to create non-profit credit reports for users, which they can use to access credit and other financial resources.

Masa Finance

“My vision for the long haul was how to improve lending offices and what they will look like in the future,” Playford founder TechCrunch told the phone. “The future of the Masa protocol should be completely decentralization, administration and management turned the DAO structure

Before launching Pngme, a start-up fundraiser that raised over $ 18 million in VC funding, Playford si active has worked in blockchain and crypto space for almost a decade. Last February, he revealed that this involvement led to the issuance of short-term crypto loans to traders, particularly Kenya and Tanzania – and traditional loans through Pngme before entering a financial game. furan.

Masa Finance is the result of these joint ventures. According to Playford, the company is built three blocks: Unlocking financial data (made by Pngme), new sources of capital, and allowing individuals to have their own credit history and share it with any lender themselves.

Initial web3 infrastructure works with more than 10,000 offline data sources available from credit bureaus, bank data collectors, and other general data 78 countries allows Masa to create credit points on-chain for its users.

So, by combining off-chain and off-chain data outreach debt information, Masa says it provides lenders, and development access to the required equipment evaluate loan lenders risk and start lending products to individuals and businesses around the world.

“The world we are building is where human data is ownership themselves. This will connect a non-chain world with central data to a new chain-link world that will grow over the next 10 to 20 years, ”said Playford, Masa’s chief operating officer. Swartz dust. “Then you can connect to different sources of information to create the debt symbol stored in Masa widely and have independence over your widely used loan symbol.”

Masa said the data in the chain covers it 26 interaction, from exchanges to wallets – the opening of a 4.95 billion-person market where 67% are invisible credit. These wallets include Binance, Coinbase, FTX, Gemini and Metamask.

“The reason they are partnering with credit bureaus is to increase insurance for most users.. Our goal is to bring the next billion people to DeFi by providing credit office reports. To do that, you have to support existing infrastructure and share it with those currently on the market, “Playford said when asked why Masa chose an integrated model rather than a full-fledged model.”

Playford said Masa is building on Celo and Ethereum, and the platform, starting in beta, has 36,000 people already signed up. Most of its users now are based on Sub-Saharan Africa – Nigeria and Kenya in particular. Consumers in these countries, including Uganda and the Philippines, are responsible for the largest debt from Goldfinch, a competitor who raised $ 25 million a16z and Coinbase Ventures in January.

Masa Finance says it has more than 2,100 node operators in its online network, supporting zero-sum transactions and smart contracts. There are also about 300 developer developers, with seven projects registered to be merged. The first credit products to be introduced in the protocol include mortgage lender, unsecured loans and the SME line of credit through its app, the company said in a statement.

Helping the new capital, Masa claims to have recorded double-digit growth every month since the beginning of the year. The round, which does not have a leading sponsor, comes from traditional VCs and web3-streams. These include Ventures Unshackled and Lateral Capital (Pngme fans), GoldenTree Asset Management managers, Flori Ventures, and GSR. Other participating investors are Decentranet Intersect VC, Peer VC, Alves Ventures and some of the angel investors in the fintech / blockchain space.

“Who it is without stringThe second time he backed Brendan Playford, it was not an accident, “said Manan Mehta, co-founder of Unshackled Ventures.”It means a lot to Masa equal in the future which provides access to capital for the global population, mostly ignored the cultural economy.

Masa’s next step is to raise a round seed, a statement said. Success The investment will allow the company to hire more engineers, start producing release protocols, make branding sales, scale node operators, and bring in developers and on-site lenders.