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Fintech company Newity completes $11 million funding round, led by CMT Digital
ChainCatcher reports that, according to The Block, fintech company Newity has completed a $11 million strategic funding round led by CMT Digital, with plans to migrate small business loan operations onto the blockchain.
This is Newity’s first funding round, using a Simple Agreement for Future Equity (SAFE) structure. Founded in 2020 during the pandemic, Newity has provided financing services totaling over $1.2 billion to more than 125,000 small businesses, with an average loan size of approximately $118,800.
Newity co-founder and co-CEO Luke LaHaie stated, “We are not just improving small business lending but rebuilding the financial infrastructure that connects entrepreneurs with capital. Artificial intelligence and blockchain provide us with the infrastructure to enable our team to operate at scale according to market demand.” The company plans to announce its blockchain strategy details in the first quarter of this year.