XEND FINANCE ESTABLISHES FIRST REAL-WORLD DECENTRALIZED FINANCE (DEFI) CREDIT UNION PARTNERSHIP IN AFRICA
The Binance-Backed DeFi Credit Union Platform Also Announces New Investors, Led By NGC Ventures And HashKey, Bringing The Total Investment In The Company To $2 Million.
The Xend Finance Platform Will Be Accessible To TechFusion Africa’s Five Credit Union Companies Located Throughout the Continent And Represent The First Time Members Can Leverage Decentralized Finance
FEBRUARY 9, 2021, Enugu, Nigeria — Xend Finance, the first decentralized finance (DeFi) platform for credit unions and cooperatives, today announced a product integration and business partnership with TechFusion Africa, a Software as a Service (SaaS) provider in Africa. TechFusion Africa counts nearly 5,000 credit union members across their suite of products who will gain access to Xend Finance’s DeFi credit union platform. Xend Finance gives TechFusion Africa’s members access to the global money market so members can save and invest in stable cryptocurrencies, while earning higher interest rates.
“We’re very excited to be forming practical and tangible business partnerships that can provide immediate dividends for people who need it in developing countries,” said Aronu Ugochukwu, CEO of Xend Finance. “TechFusion is one of the leading providers of solutions for cooperatives and credit unions in Africa and partnering with them ensures that we can spread the rewards of DeFi faster across the continent.”
TechFusion will integrate the Xend Finance SDK (Software Development Kit) to give their members access to stable currencies and up to 15% annual percentage yield on member’s savings. Integration will be completed at the beginning of Q2 2021 along with the Xend Finance mainnet. Xend, the parent company of Xend Finance and a traditional fintech company, has 55,000 members that will also be integrated into the DeFi platform. Xend Finance also raised additional investments from new investors, led by NGC Ventures and HashKey, bringing the total raised in the company to $2 million. Previous investors include Binance Labs, Google Launchpad, AU21 Capital, and TRG Capital.
“Traditionally, credit unions offer an interest rate of 1% APY compared to the possible 15% available through Xend Finance,” said Marilyn Modupe Jiwalde, Head of Sales & Marketing of TechFusion Africa. “This is an excellent opportunity for our members and the African community. Xend Finance has built real-world solutions that make it easy to understand the complexities of decentralized finance and cryptocurrency opportunities.”
Find out more about Xend Finance here: Xend.Finance. Find out more about TechFusion Africa here: Techfsn.com/fuse/.
About Xend Finance
Xend Finance provides the tools and platform for a decentralized financial credit union, regardless of geographic location and home country currency. Members can earn multiple levels of interests on their savings by seamlessly swapping their crypto or fiat currency to stable cryptocurrencies and staking — the process of locking up crypto assets to earn yields — on lending platforms so members can earn compound interest on their money. The Xend Finance platform is the first decentralized finance (DeFi) credit union.
The team is made up of experienced professionals with backgrounds in mathematics, finance, cryptography, and blockchain development, working for some of Africa’s largest employers, including KPMG, Chevron, and Stanbic Bank. Xend Finance is headquartered in Enugu, Nigeria.
About TechFusion
TechFusion is a SaaS company located in Nigeria that is becoming the hub for solutions to operational challenges of Cooperative Societies, Credit Unions, Trade Groups who extend over $500 billion of credit to consumers every year, on paper, and provide financial services to over 66% of the unbanked Sub Saharan African population. Our core product FUSE is a data driven, cloud based informal banking/records management system built around the peculiarities of Africa’s informal banking market.
TechFusion is headquartered in Jos, Plateau state, Nigeria.
