Jia, a blockchain-based fintech providing loans to micro and small businesses in emerging markets, raised $4.3m in seed funding.
The round was led by early-stage backer TCG Crypto, with participation from BlockTower, Hashed Emergent, Saison Capital and Global Coin Research, as well as angel investors Packy McCormick, Anand Iyer of Canonical Crypto and Jared Hecht and Rory Eakin.
The company intends to use the funds to expand operations in Kenya and the Philippines before going to new markets in West Africa, Latin America and Asia.
Co-founded in 2022 by Zach Marks, Cheng Cheng, Ivan Orone and Yuting Wang, Jia provides blockchain-based financing to businesses in emerging markets and reward them with ownership.
Jia provides inventory financing through local partners. In order to facilitate underwriting, partners provide Jia with relevant data on merchants, such as monthly revenue, expenses, purchase history and local market trends. Jia feeds this data into its credit models to determine the optimal loan terms (interest rate, duration, and amount) for each…