Masa Finance, a hybrid credit protocol that links traditional financial accounts and assets to crypto holdings to provide a credit report, has come out of stealth and closed a pre-seed funding round of $3.5m.
The round saw participation from Unshackled Ventures, executives from GoldenTree Asset Management, Flori Ventures, GSR, Decentranet, Intersect VC, Lateral Capital, Peer VC, Alves Ventures, and several angel investors in the FinTech/blockchain space including Louis Beryl Gustavo Menezes, and Jacob Riglin; a high-profile NFT artist who will be launching future NFT-collateralised loan products.
Masa has developed infrastructure for Web3 that enables on-chain credit scoring. By aggregating off-chain and on-chain data into a non-fungible credit report, Masa said it gives lenders and developers easy access to the tools needed to evaluate borrower risk and launch lending products for individuals and businesses globally.
Brendan Playford, Masa’s founder, said, “The current financial system fails to serve individuals fairly and equitably with equal access to education, tools, and custom financial products that include investments, savings, and responsible access to credit.
“Masa believes that everyone deserves an equal opportunity to build wealth by leveraging credit. By combining centralised and decentralised finance elements, Masa’s platform will play a vital role in establishing an inclusive credit system and onboard the first billion users to DeFi.”
Masa is now raising a Seed Round to increase the engineering team’s size and launch the protocol’s production release, conduct a public token sale, scale users and node operators, and bring developers and lenders to the platform.
Copyright © 2022 FinTech Global