The corporate credit and expense management company delt.ai announced that it raised US$25 million in debt. It did this through TrueFi, which is a DeFi lending platform designed by TrustToken. It is worth mentioning that the entire financing is in cryptocurrencies.
The new amount will allow it to continue financing credit lines during 2022. The difference now is that, starting in February, all delt.ai lines of credit will be issued with equity backed by stablecoins sourced in TrueFi.
“The use of blockchain for credit makes institutional-grade lending more accessible, transparent and secure,” Rafael Cosman, CEO of TrustToken, mentioned in a statement.
How Did the Debt Come About?
For starters, customers who already had a loan with delt.ai will not have any alterations.
For another, every dollar that was lent through TrueFi’s Lending Marketplace platform was given in the form of a stablecoin. Each one denominated as a token on the Etherum blockchain and backed one-to-one in U.S. dollars.
delt.ai noted that these tokens on the platform are granted by various independent or decentralized lenders who expect to earn through the interest generated by the loaned capital.
Credits in delt.ai Increased
Almost three years after its launch, the new financing has led delt.ai to increase its loan portfolio by more than 50% in one month, said José de la Luz Lopez, CEO and co-founder of delt.ai.
The CEO also said that by partnering with TrueFi they will seek to continue innovating. This is considering that today, many entrepreneurs still have difficulty accessing financial services and need digital financial tools.
delt.ai is backed by Y Combinator and today offers services to companies such as 99 minutos.com, R2 Capital, Terapify, Zubut, Emmidary, Atrato, Orchata and Mobbit, to name a few.
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