Finterest, a crypto lending protocol built to support native Bitcoin borrowing and lending, has landed $1.5m in seed funding.
Investors in the seed raise include Polychain Capital via the Beacon Fund, an Internet Computer-focused ecosystem fund, and 9Yards Capital, among others.
Finterest claims it is the first bridgeless borrowing and lending protocol available on the Internet Computer, a blockchain network that can execute up to 11,500 transactions per second with a 1-second finality.
As the first crypto lending protocol on the ICP, Finterest said it delivers completely decentralised lending and borrowing options through faster, trustless code implementation and fewer vulnerabilities. Finterest’s bridgeless approach provides increased transparency, greater reliability, stronger security, and a more beneficial relationship between blockchains.
According to the firm, it will use the funding to continue expanding its team and building its platform ahead of its beta launch in January 2023 and official launch shortly thereafter.
Finterest co-founders Olliver Barr and Carl Sachs remarked, “The recent industry events underscore the importance of true decentralization and transparency on the blockchain. We are grateful for our investors and look forward to expanding our capabilities through this fundraise to help web3 reach mass adoption by making decentralized finance safer and simpler to use.”
Novicap, a European FinTech providing end-to-end working capital solutions, recently raised a €200m debt facility from Fasanara Capital.
According to Novicap, the capital raise, which enables the company to further accelerate its growth and deliver more impact for thousands of SMEs, mid-market firms and public administrations, will be used to bolster its credit portfolio and support the development of new market-leading solutions for its customer base.
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