Peer-to-peer non-fungible token (NFT) lending marketplace Flowty has raised $4.5m (£3.3m) in a seed round led by venture capital funds Greenfield One and Lattice Capital.
Flowty is just like any other P2P lending marketplace, but loans are secured by NFTs. Flowty takes a fee from each loan that is funded, which can be denominated in Flow blockchain stablecoins.
The capital will allow Flowty to accelerate its growth and add-on more features to the platform in a shorter timeline.
“After conversations with a number of investors and fellow start-up founders over the last few months, our team concluded that the financial flexibility, resources, expertise, and experience that a strong investor base can bring to a young and growing company would put us in a much better position to offer our userbase the best product and platform possible,” the company said in a statement posted on Medium.
Flowty was launched in February by three co-founders, Michael Levy, Guillaume Huot and Austin Kline.
Since launch, the group has already introduced several new features including adding support for additional Flow-based tokens; introducing loan-to-value metrics to provide more information to lenders; and has listed additional NFTs.