San Francisco, California, August 2nd, 2023, Chainwire
Jia is a platform that connects capital to small businesses globally, addressing the $5 trillion global credit gap in emerging markets. It has recently scaled up its credit solution on Huma, which builds infrastructure for real-world lending. Due to robust demand for credit in emerging markets and an increase in liquidity supply, Jia is expanding its reach just two months after launching its credit solution on the Huma platform.
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“We are delighted to facilitate Jia's innovative approach to lending. Our platform's infrastructure is designed to foster next generation lending solutions, and together we're showcasing what fair and transparent lending looks like, making a tangible difference in people's lives." says Erbil Karaman, CEO and Co-founder of Huma Finance.
There is a significant credit gap of $5 trillion in emerging markets, where many individuals lack access to formal credit and small business financing, which hinders their day-to-day business interactions and ability to serve their communities. However, Jia, a company dedicated to serving small businesses in emerging markets, has launched a $100,000 pool on Huma's DeFi infrastructure in May. This has enabled them to originate loans for more than 500 borrowers in Kenya and the Philippines, creating opportunities for entrepreneurs to grow their businesses with fairness and transparency.
Jia has plans to scale up their credit solution to $500k within the next six months, showing a growth projection of 400%. This growth projection sets the tone for a further 5x increase in a year's time given the borrower and lender demand. The interest from accredited investors in this asset class has been strong, with Jia's pool reaching full subscription less than 24 hours after launching.
The capital raised has already created transformative change in small businesses. Dr. Elishaphan Obuya, a medical practitioner from Kisumu, Kenya, and the founder of Shepher Lifecare, borrowed 142,800 KES ($1,012) to maintain a crucial supply of lifesaving medicines in his clinic. Another inspiring story comes from Kristel Erestingcol in Manila, Philippines, who operates a sari-sari store, serving her community with essential food items and school supplies. With a Jia loan of PHP 10,000 ($182), her second from the platform, Kristel has not only been able to buy more inventory in bulk at lower prices but also expand her store's offering into new product lines, including school uniforms and clothing.
"Our mission is to drive economic growth in emerging markets by breaking down financial barriers. The extension of our credit solution on Huma is a testament to the potential we see in these markets," says Zach Marks, CEO and Co-founder of Jia.
Jia's expansion on the Huma platform is a promising indication of how DeFi can shift focus from speculative use cases to enable entrepreneurs and small businesses in emerging markets to access digital financial resources. Jia and Huma are collaborating on a roadmap to introduce features that provide a smooth real-world lending experience. As the financial ecosystem becomes more inclusive and borderless, achieving global financial freedom appears to be within reach.
About Jia
Jia is expanding financial freedom across the globe. Jia provides blockchain-based financing to small businesses, then rewards borrowers who repay with ownership, enabling them to create wealth and prosperity for themselves and their communities. Learn more https://www.jia.xyz/.
About Huma Finance
Huma Finance builds the infrastructure powering an ecosystem for real-world lending solutions. With a mission to make the crypto industry more accessible and supportive of practical use cases, Huma Finance enables borrowing against cash flows and receivables, opening up new possibilities for individuals and businesses around the world. Learn more https://huma.finance/.
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