Decentralized finance [DeFi] offers some of the most fast growing array of financial products and hence the space has seen massive capital influx over the past several months.
In the latest news, the Nigeria-based DeFi platform, Xend Finance revealed its product integration and business partnership with TechFusion Africa, which happens to be a Software as a Service [SaaS] provider in Africa on the 9th of Feb
Xend Finance is essentially a decentralized platform for credit unions and cooperatives. The latest development of securing new partners and funding comes at a time when the DeFi platform gears up for its bid to bring high-interest savings opportunities to Africa.
With this, Xend Finance is all set to make its services available to TechFusion’s 5,000 credit union members. Notably, the platform is backed by the world’s leading cryptocurrency exchange Binance. Other notable backers include Google Launchpad, AU21 Capital, and TRG Capital.
Following the news, Aronu Ugochukwu, CEO of Xend Finance commented,
“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,”
The exec of the Binance-backed DeFi credit union platform went on to tout that TechFusion was one of the leading providers of solutions for cooperatives and credit unions in Africa and the partnership would ensure in spreading the rewards of DeFi faster across the continent.
The official release noted that TechFusion is set to integrate the Xend Finance SDK in a bid to facilitate their members’ access to stable currencies. Also, the DeFi platform plans to offer up to 15% annual percentage yield on member’s savings as opposed to traditional credit unions which offer an interest rate of just 1% APY.
Elaborating further, Marilyn Modupe Jiwalde, who happens to be the Head of Sales & Marketing of TechFusion Africa, said in a statement,
“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.”
Xend Finance expects to complete the integration with TechFusion at the beginning of the second quarter of this year with the Xend Finance mainnet. It is important to note that the DeFi platform was prepping up to launch its mainnet in March 2021, according to the official announcement by the firm that was made a week ago.
In addition, the platform has also reportedly onboarded new investors led by NGC Ventures and Haskhey. Currently, the total investment in Xend stands tall at $2 million.
Back in November 2020, Xend platform was rolled-out with a $1.5 million strategic funding round.