Credora, a lending infrastructure provider, has announced a $6 million strategic funding round, which includes major investors S&P Global and Coinbase Ventures. The funding will be used to build institutional rails for credit and enhance Credora’s private computation technology that helps accurately underwrite and monitor borrowers. The move aims to rebuild confidence in the crypto lending business model, which has come under intense scrutiny following a spate of recent credit events.
Credora has announced a $6m funding round with @SPGlobalRatings and @coinbase as major investors! https://t.co/K8QgN224Wn pic.twitter.com/LIU95nHSKi
— Credora Platform (@CredoraPlatform) April 25, 2023
Credora solves the information asymmetry problem by using private computation techniques on real-time data, ensuring borrowers continuously validate their creditworthiness while maintaining the privacy of their sensitive information. Credora’s technology helps create more transparent and open lending markets built on robust underwriting standards.
The recent credit events in the crypto lending market were caused by information asymmetry and the crumbling of centralized lenders, which resulted in billions of dollars of client capital lost due to opaque principal lending models. Credora’s privacy-preserving technology can revolutionize credit underwriting and risk monitoring, according to Charles Mounts, Chief DeFi Officer, S&P Global Ratings.
Credora provides lending infrastructure and systematic credit ratings for private credit markets. It utilizes privacy-preserving technology to improve lenders’ ability to properly evaluate credit risk in real-time. Credora has facilitated over $1 billion in loans across various borrower types.
The funding round also included participation from Spartan, Amber Group, CMT Digital, Hashkey, GSR, KuCoin Ventures, Paradigm.co, Pirata Capital, Breed VC, and WAGMI Ventures. With this announcement, Credora has raised over $16 million in venture funding to date from notable investors, including Coinshares, DCG, Gemini Frontier Fund, Polychain, Primitive Ventures, and XBTO.
“We’re delighted to have support for our mission to make credit markets more transparent and efficient, and will continue working with our partners to drive responsible data-driven lending,” said Darshan Vaidya, CEO of Credora. “Adding S&P Global as an investor strengthens our belief that privacy-preserving technology can revolutionize credit underwriting and risk monitoring.”
S&P Global provides essential intelligence, enabling governments, businesses, and individuals with the right data, expertise, and connected technology to make decisions with conviction. The company helps the world’s leading organizations plan for tomorrow, today, by providing credit ratings, benchmarks, analytics, and workflow solutions in the global capital, commodity, and automotive markets.
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