The Canadian crypto-lending platform Ledn attracted $30 million in a Series A funding round. It was led by venture capital firm Kingsway Capital.
The startup was also backed by billionaire Alan Howard, Reddit co-founder Alexis Ohanian, entrepreneur John Pfeffer, Hashed, Coinbase Ventures, ParaFi Capital and others.
As part of the deal, Kingsway Capital co-founder Manuel Stotz joined Ledn’s board of directors.
According to the press release, the startup will channel the raised funds into international expansion, the development of its technology platform and products, and hiring.
“With the new investments, we will consolidate our success in North and South America, and expand our global presence, prioritising emerging markets,” said Ledn co-founder Adam Rids.
The platform’s services are used by clients in 105 countries. Assets under management surpassed $1 billion — a 320% increase over the last six months.
Since the start of 2021, Ledn’s lending portfolio has grown by 800%, and its savings portfolio by 280%. In the same period, the project team has tripled.
As Mauricio Di Bartolomeo noted in The Block, the aggregate funds raised by Ledn totalled $35 million. According to him, investors valued the startup at $230 million.
Back in March, the crypto-lending platform BlockFi raised $350 million in financing at a $3 billion valuation.
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