DeFi startup Huma Finance secured $8.3 million in a seed round to build an income-backed lending protocol.
Huma's first product is an on-chain factoring market, which enables individuals or businesses to borrow against their future income rather than existing token holdings.
Race Capital and Distributed Global co-led the seed round. ParaFi, Circle Ventures and Robot Ventures are also among the investors who participated in the round.
The protocol allows borrowing based on cash flow rather than tokens. Borrowing can be made against receivables such as pay stubs or invoices.
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