Nigerian startup Xend Finance has passed the 100,000 user mark, while announcing launches in Ghana and Kenya.
Xend Finance, which in 2019 took part in the Google Launchpad Africa accelerator and the Binance Incubation Programme, has developed a platform that gives everyone access to the global money market so members can save and invest in stable currencies.
The Xend Finance platform also allows users to create their own credit unions and cooperatives, eliminating traditional middle men, while earning up to 15 per cent annual percentage yield on their savings.
The startup launched its platform publicly late in 2020 after raising US$1.5 million in funding from investors including Binance Labs, Google Developers Launchpad and AU21 Capital, a round it topped up to US$2 million in February 2021.
Since then, it has passed the 100,000 user mark, while it has also announced it now allows users from Ghana and Kenya to convert their local currency to stable cryptocurrency and save.
“We spent our first year pushing code and ensuring our platform is secure through numerous audits, while developing a product that always gives our users the best interest rates across multiple chains,” said Ugochukwu Aronu, CEO of Xend Finance. “Now that we have turned our attention to onboarding users, we have seen a tremendous response from first-time crypto purchasers and savers. Our growth is in response to market conditions where their native currency is constantly devalued and suffering from inflation.”
