- Mexico-focused corporate credit and spend management startup delt.ai aims to process the equivalent of $25M debt financing from TrustToken, purely in digital assets
- delt.ai will issue corporate credit lines to startups and SMEs in Mexico using funds from the first ever blockchain lending marketplace: TrueFi
- This marks a new type of debt financing strategy for theLatin American startup ecosystem, bringing together decentralized finance (DeFi) with traditional finance
delt.ai announces it is expected to raise the equivalent of $25M in debt financing through TrueFi, a DeFi lending platform designed by TrustToken, to fund its corporate credit lines in 2022. The financing announcement marks the first-of-its-kind pure crypto debt financing of a financial startup in Latin America.
delt.ai offers intelligent corporate credit lines and a spend management platform to businesses operating in Mexico. Beginning this month, all delt.ai corporate credit lines will be issued from capital directly backed by stablecoins originated on TrueFi, and powered by the transparency and borderless accessibility of blockchain technology.
“We believe using capital from a DeFi (decentralized finance) source like TrueFi will unlock new financial opportunities for not only our customers but all business owners in Mexico, and beyond. Combining the delt.ai spend management platform with the ever-growing supply of capital offered by the increasingly important cryptocurrency ecosystem, we strongly believe we will give Mexican entrepreneurs the fastest access to a new source of fresh working capital at competitive rates,” says José de la Luz Lopez, CEO and co-founder of delt.ai.
For new and existing delt.ai customers, no disruptions will occur during the transition to processing capital through TrueFi, which already completed a successful pilot loan. Lopez revealed, “with TrueFi’s capital, we were able to grow our credit loan book by more than 50% percent in just one month – a very exciting, promising result.”
The reliability of a decentralized blockchain financing round like this one is maintained using TrueFi’s innovative lending marketplace platform. Every dollar of capital lent on the platform is provided in the form of stablecoins, with each dollar denominated as a "token" on the Ethereum blockchain and backed 1:1 with real US dollars by major banking partners. Capital lent on the TrueFi platform comes from a diverse group of independent – or decentralized – lenders. Just as an institutional debt lender would, this decentralized group of individuals and institutions also expects to earn interest on their lent capital.
“The future of finance and lending is on-chain,” says Rafael Cosman, CEO of TrustToken. “Using blockchain for credit makes institutional-grade loans more accessible, transparent, and secure. While TrueFi got started conservatively, serving crypto loans to crypto borrowers, the protocol can only become a trillion-dollar operation by expanding to serve all of global finance. The TrueFi Lending Marketplace is the protocol’s bid to do just that, and we’re proud to begin our journey with excellent asset managers like delt.ai. We’re letting them focus on what they do best—putting money to work—and letting TrustToken service their technical and operational needs.”
delt.ai, launched in Mexico City in 2019, was part of the Y Combinator accelerator program in San Francisco in 2020. That same year, delt.ai launched one of the first corporate cards in Mexico. According to Lopez, “by partnering with TrueFi, we believe we can continue innovating, continue championing Mexico’s entrepreneurs, and continue facilitating the healthy growth of local economies in Mexico and beyond. Financing and digital tools are desperately needed but in 2022, most business owners [in Mexico] still cannot access either without jumping through seemingly endless hoops of bureaucracy and months of wait time.”
This is not only an exciting step for delt.ai and its customers, it is an important step towards the development of the financial systems in Latin American markets, a leap into the modern, global financial system, built-in and for the 21st century.
delt.ai is a startup based in Mexico City and offers an intelligent corporate credit and spend management solution. A Y Combinator company, delt.ai offers Mexican entrepreneurs better access to working capital through its intelligent credit lines, corporate credit cards, and digital payments platform. For more information, visit delt.ai. For media inquiries, please contact Manuel Aguirre at firstname.lastname@example.org
TrustToken is building the protocol for global lending. TrustToken’s TrueFi platform brings uncollateralized lending and credit scoring on-chain, offering borrowers the highest possible capital efficiency at competitive rates while offering lenders the broadest marketplace of financial products in DeFi. TrueFi has completed over $1B in loan originations with a perfect record of repayment and has approximately $1B in total assets under management. For more information about TrustToken and its TrueUSD product, visit http://www.trusttoken.com