Fintech company Newity has raised $11 million in funding and plans to put its small business loan operations on the blockchain

Financial technology company Newity has completed a $11 million strategic financing round, led by CMT Digital, with plans to migrate its small business lending operations to blockchain.

This is Newity's first financing, utilizing a Simple Agreement for Future Equity (SAFE) structure. Founded during the pandemic in 2020, Newity has provided financing services totaling over $12 billion to more than 125,000 small businesses, with an average loan size of approximately $118,800. Newity co-founder and co-CEO Luke LaHaie stated, "We are not just improving small business lending; we are re-engineering the financial infrastructure that connects entrepreneurs with capital. Artificial intelligence and blockchain provide us with the infrastructure to operate at scale according to market demand." The company plans to announce details of its blockchain strategy in the first quarter of this year.