Ledn raises $ 70 million in Series B funding

  • Ledn recently announced that it has raised $ 70 million in Series B funding. Those are the details.

Ledn – a global digital asset savings and lending platform – recently announced that it has successfully raised $ 70 million in a Series B funding round, bringing its valuation to $ 540 million. 10T Holdings led the Series B round.

Golden Tree Asset Management, Raptor Group and FJ Labs were among the list of new Ledn investors. And 10T Holdings Managing Partner and CEO Dan Tapiero will join Ledn’s board of directors.

Ledn plans to use this new capital to strengthen its balance sheet to support the rapid growth of its digital asset lending business, including its new bitcoin-backed mortgage product. And all existing venture capitalists followed in the cycle, including White Star Capital, Kingsway Capital, Coinbase Ventures, Alan Howard, Parafi Capital, Susquehanna Private Equity Investments, Global Founders Capital, Hashed, CMT Digital, Ascendant Capital and John Pfeffer.

Additionally, the company has announced the imminent launch of a Bitcoin-backed mortgage product, the first of its kind to hit the market. And this mortgage will allow Ledn’s clients to use their Bitcoin holdings to purchase a property while continuing to benefit from the potential price appreciation of both assets. Customers will be able to combine an equal amount of Bitcoin and real estate collateral as part of the mortgage. This unique collateral structure – which relies on the stability of real estate to deal with the volatility of Bitcoin – was designed to provide clients with a generous window to manage their Bitcoin collateral during times of high market volatility.

Currently in pilot mode, the Ledn Bitcoin-backed mortgage is expected to be widely available to customers in the United States and Canada by early 2022. And the company already has a growing waitlist for the product and is targeting more than 100. million dollars in Bitcoin-backed mortgage constructs by the end of the first quarter of 2022.

Ledn’s notable growth – including building a strong client base in 127 countries with 44% of credit clients in Latin America – was a key driver for this fundraising. And since the third quarter of 2020, Ledn’s USD loan issuance has grown more than 25-fold, and assets on the platform have exceeded $ 1.7 billion, an increase of 4,000% from the third. quarter of 2020. During the same period, its registered user base increased by almost 10 times.

Additionally, Ledn achieved an industry-best 95% customer satisfaction rating due to his obsession with delivering a top-notch customer experience. And the company will use the Series B funds to accelerate the pace of hiring new teams, continue to develop innovative digital asset financial products and develop an already strong segment of localized products designed to meet the needs of English, Spanish and Portuguese. – language users around the world.

KEY QUOTES:

“Most people who have great bitcoin wealth still cannot use their assets to qualify for a mortgage with a bank. Our clients want to diversify their portfolio to protect their wealth and then use it for cases like buying a home, but one should not come at the expense of the other. That’s why we’re launching this product, to provide access to key financial products for those who choose to invest outside the mainstream of traditional banks.

– Adam Reeds, co-founder and CEO of Ledn

“Ledn’s business model is a real win-win for investors and borrowers, as it empowers investors to generate high returns on their investments in digital assets, while providing attractive interest rates for borrowers. . We are proud to lead this investment in Ledn, and it is clear Ledn is poised for rapid growth and global expansion.

– Dan Tapiero, Managing Partner and CEO of 10T Holdings

“At Ledn, we believe in enabling people around the world to access cryptocurrencies as a way to secure a better financial future. This investment will allow Ledn to help more people save in Bitcoin and other strong digital assets to preserve their wealth and escape poverty traps. As our business grows, Ledn customers should expect us to continue to invest in financial education, greater access to our products, and to continue to provide them with the best customer experience.

– Mauricio Di Bartolomeo, co-founder and CSO at Ledn


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