Nigeria’s Xend Finance surpasses 100,000 users and expands into Ghana and Kenya.
Xend Finance, a Nigerian startup, has reached 100,000 users and announced expansions into Ghana and Kenya.
Xend Finance, which participated in the Google Launchpad Africa accelerator and the Binance Incubation Programme in 2019, has created a platform that allows anyone to save and invest in stable currencies.
The Xend Finance platform also enables users to establish their own credit unions and cooperatives, thereby eliminating traditional middlemen while earning up to a 15% annual percentage yield on their savings.
The startup went public with its platform late in 2020 after raising US$1.5 million in funding from investors such as Binance Labs, Google Developers Launchpad, and AU21 Capital, a round that was later increased 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. “First-time cryptocurrency buyers and savers have responded incredibly well since we’ve focused on onboarding individuals. Our expansion is a response to the market’s ongoing devaluation and inflation of their domestic currency.
