Partnering with Huma Finance: Bring Income-Backed Lending to the World of DeFi
I met Erbil Karaman ten years ago, when he was leading the Facebook’s Internet.org effort. I remember his passion in bringing affordable internet to billion of people which he believe it is a human right.
Now 10 years later, Erbil, Richard Liu (CTO), Ji Peng and Lei Du struck out on their own, and today, the team have launched Huma Finance.
The Huma team believes Equal access to financial opportunity is a fundamental right for humanity and there is just so much work to do to make this a reality. Erbil has a very strong conviction that blockchain-based financial technologies will replace the archaic and highly centralized financial systems we have today.
Huma Finance
Huma’s first product is an on-chain factoring market going after the $3.5 Trillion global factoring market, which enables individuals or businesses to borrow against their future income rather than existing token holdings. Huma’s initial launch partners include global financial technology firm Circle, and blockchain payment networks Request Network and Superfluid that are enabling borrowing against invoices and users’ incomes.
Today, the crypto industry is mainly built for speculators and is unable to support most real world use cases with limited reach. Huma Finance will serve a much larger set of audience is to underwrite based on cash flow instead of what crypto assets they hold. Huma is the missing link and infrastructure that enable income-backed decentralized financial services.
As Richard would say: “This is simply magical to use decentralized finance to automate lending and settle transactions in seconds with full traceability”.
Race Capital loves Huma Finance
We at Race Capital could not be more thrilled to partner with team Huma and co-led this new round of $8.3 million in seed funding with Distributed Global with participation from ParaFi Capital, Circle Ventures, Folius Ventures, Robot Ventures and more.
Together, we will change the future of Defi lending. Follow them on Twitter, Discord , meet them at ETHDenver and join Huma Finance Workshop tomorrow!
