The onchain capital market, Maple has closed a $5 million strategic funding round co-led by BlockTower and Tioga Capital.
With the latest funding, Maple announces that it will move further towards establishing itself beyond DeFi with aiming to expand its lending services into the traditional financial market.
This funding is Maple’s third fundraise with it previously raising $1.3 million Seed round in December 2020 and $1.4 million Venture round in March 2021, according to Crunchbase data.
Maple Finance is an onchain capital marketplace where credit experts offer yield generative lending opportunities to liquidity providers.
The Strategic funding round includes participation from Room40 Ventures, Cherry Crypto, Spartan Capital, GSR Ventures and Veris Ventures. It also receives commitments from existing investors Maven 11 and Framework Ventures.
Maple says that it is focusing to expand into APAC and LATAM regions where the market has demand for institutional grade on-chain lending and borrowing platform.
“The capital injection will allow Maple to forge new partnerships with protocols, financial services providers, and credit professionals, whilst continuing to build its decentralized technology,” Maple said in the blogpost.