Cardano Participates in a Funding Round in Kenya

• Charles Hoskinson is the founder of Cardano blockchain.
• The company handling Cardano ecosystem took part in a funding round to raise 11 Million USD.
• As of this writing, ADA was trading at the market value of 0.4546 USD.

11 Million Raised Successfully

Charles Hoskinson, founder of Cardano, said that “IOG, the brains behind Cardano, has participated in a funding round of 11 Million USD to back a Kenya-based firm, Pezesha.” he added that ‘he is really excited to back the fintech organization, and their ultimate objective of improving the microfinance industry across the globe. 

According to a news website, Women’s World Banking Capital Partners II and IOG funds led this funding round in Pezesha. This fintech organization is eyeing their expansion in other African nations too, including Rwanda, Francophone Africa and Nigeria. Verdant Capital Specialist Funds and Talanton contributed 5 Million USD and another 6 Million USD came from many other companies.

Pezesha is involved in lending, it has developed its own scalable framework for virtual lending, attracting domestic financial institutions to provide micro lending to Small to Medium Enterprises in African nations.

Moraa said that there are myriads of opportunities to solve the issues associated with the working capital of SMEs in the country. Alongside other things, the organization ensures quality and accountable borrowing of funds by entrepreneurs. The collaborators of the company have blended their credit scoring APIs to assist the client to borrow a loan in real time.

As of this writing, there are 20 partners of Pezesha, which are providing loans to over 100,000 organizations. By the end of this year, this figure is anticipated to grow as 10 more firms are in the queue to collaborate in this lending infrastructure. After extending the business, Small to Medium Enterprises can borrow up to 10,000 USD at a decent interest, which the borrowers can pay back in a year.

Moraa wants to partner with the latest domestic and global organizations in the finance sector. Several rich entities and DeFi platforms provide 100 Million USd in loans on a yearly basis in the upcoming years.

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Anurag

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an "average guitar player" and a fun footballer.

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