Masa Finance has acquired $3.5 million in pre-seed investment to fund its mission. The hybrid company founded by Brendan Playford in 2020 focuses on fostering the advancement of credit protocol and decentralised credit bureau.
The fundamental principle of blockchain is asset ownership, including money and financial data. This principle is entrenched in the company’s mission of disrupting the conventional credit infrastructure by giving decentralised credit tools to consumers, developers, and corporations with blockchain technology.
The approach attempts to decrease the influence of conventional financial organisations such as banks and credit bureaus, which have collected and kept financial data on the world’s banked people for decades.
Bringing About a Decentralised System
The idea of a decentralised finance system stems from analysts’ facts stating that blockchain technology can enable unbanked individuals to have easy access to financial services, including but not limited to borrowing, lending, and insurance coverage.
Masa Finance connects users’ traditional financial accounts and assets from credit bureau and bank data to their cryptocurrency holdings. This link enables the corporation to generate non-fungible credit reports for consumers, which they may use to get credit and other financial products.
Masa Finance connects users’ traditional financial accounts and assets from credit bureau and bank data to their cryptocurrency holdings. This link enables the corporation to generate non-fungible credit reports for consumers, which they may use to get credit and other financial products.
Brendan Playford, the CEO of Pngme – an open finance firm that has garnered over $18 million in venture capital investment has been an active player in the blockchain and cryptocurrency industry with more than a decade of experience in the sector.
Masa Finance is the culmination of these joint enterprises. According to Playford, the firm is founded on three pillars: financial data unlocking (which Pngme already provides), new sources of finance, and allowing consumers to control and share their credit history with any lender.
Masa’s web3 infrastructure integrates over 10,000 off-chain data sources, including credit bureaus, bank data aggregators, and alternative data sources from 78 countries, enabling the business to build on-chain credit scoring for its consumers.
Next Steps for Masa
Masa claims that combining off-chain and on-chain data provides lenders and developers with the facility necessary to assess borrower risk and create loan solutions for individuals and enterprises worldwide.
Masa stated that its on-chain data spans 26 integrations, ranging from exchanges to wallets, enabling access to a 4.95-billion-person market where 67% of people lack access to credit. Binance, Gemini, FTX, Coinbase, and Metamask are among these wallets. In addition, the seed investment acquired by Masa will enable it to expand its services, including the need to employ more engineers, operators, and developers.
