The platform delt.aifocused on offering corporate and expense management loans for companies, has obtained a financing line equivalent to 25 million dollars and managed through the decentralized finance platform (DeFi) of TrustTokenwhich is the operator of the stable cryptocurrency (stablecoin) TrueUSD.
With this operation, delt.ai becomes the first startup in Latin America to obtain a cryptocurrency based financing through said protocol, which bears the name of TrueFi, where institutional investors participate, seeking to place their resources through lines of credit to asset managers.
“In October of last year, we decided to be the first to use this product and to be the first to use this protocol in Latin America. It is the equivalent of an institutional loan, but at the cryptocurrency level,” explained José de la Luz López, director general and founder of delt.ai.
In an interview, De la Luz López explained that the model of DeFiwhere there are no traditional financial intermediaries, what it does is connect lenders that have resources in cryptocurrencies, with financial institutions that need financing for their dispersion.
“DeFi works so that anyone can get into that model and put whatever they want into cryptocurrencies, whether it be mainstream cryptocurrencies or stablecoins. So those cryptocurrencies, not being real money issued by some government, nobody pays a return for them and they What DeFi does is connect people who need loans with people who have cryptocurrencies to receive a return for it,” said the founder of delt.ai.
In this context, De La Luz López stated that through the DeFi model, it was possible to obtain funding to offer loans in pesos at competitive rates and also generate the expected returns for investors.
“We can reach rates that are below the market, we lend competitively thanks to these types of alliances. We are a company that is making loans for SMEs and startups and also knows how to use crypto to fund and offer loans in pesos,” detailed the founder of the platform.
According to De la Luz López, these resources will serve to serve about 10,000 companies, after having generated a placement of about 800 million pesos since its inception, which was in 2019.
“The advantage of this line is that we make the request as we grow, which greatly optimizes not having to pay extra amounts and not run out of money again. The provision we have now is 25 million dollars, it’s like lowering debt for an amount of 25 million dollars, and with that we can serve up to 10,000 companies,” he added.
According to information from TrusToken, the TrueFi platform is a lending marketplace that allows almost any asset manager to launch products with a global reach.
“Asset managers can access TrueFi’s broad pool of lenders and borrowers, as well as TrustToken’s suite of services to help institutions engage in DeFi,” the firm said.
According to their information, with the TrueFi model, independent financial institutions can design, launch and promote new products with resources based on cryptocurrencies. Currently, this platform has completed more than 1 billion dollars in loans and has another 1 billion dollars in total assets under its management.
Delt.ai is a platform backed by the Y Combinator fund, focused on serving small and medium-sized businesses. “We are looking for companies as small as one or two employees and as large as 250 to 500 employees. We are talking about SMEs, micro-SMEs”, explained De La Luz López.
For the founder of delt.aiit is important to support this business segment since it is estimated that seven out of 10 jobs in the country are provided by SMEs.
