Cardano joins $11M fund investment to help Kenya-based fintech company

Last updated Aug 31, 2022

Cardano backend company jumped in support of Pezesha Fintech company to support microfinance in Africa.

Cardano is a popular Proof-of-stake blockchain network, known for its several types of development activities to make the Cardano network a leading choice at the commercial level Crypto payment services. Charles Hoskinson is the founder of Cardano blockchain and he is one of the founders of Ethereum blockchain. A long time back, Hoskinson left the Ethereum project because he disagreed with the use case of the Ethereum blockchain.

On 30 August, Hoskinson confirmed that IOHK, the back-end developer team behind Cardano blockchain, contributed to the $11 million investment round in a fintech company Pezesha based in Kenya, Africa.

Cardano founder tweeted that he is happy to contribute and support the popular African entrepreneur Hilda.

Hilda is one of the great entrepreneurs of Africa and I'm excited to support her in Pezesha's mission to change Microfinance throughout the world. https://t.co/UcRNYPEOMh

— Charles Hoskinson (@IOHK_Charles) August 30, 2022

Through this funding support, Pezesha aimed to roll out in other African countries – Nigeria, Rwanda, and Francophone Africa.

Around $5 million investment came from Talanton and Verdant Capital Specialist Funds, while $6 million came from Cardano developer team IOHK.

According to reports, Hoskinson sees this step of IOHK as a bigger move because investment in such types of less developed countries helps the population of developing countries to get jobs and also get full help from the blockchain technology-based payment systems, so basically it will push the adoption of crypto.

Earlier this, Pezesha announced that it teamed up with the Cardano team to bring the development of an innovative financial ecosystem to build a decentralized financial operating system across Africa.