Canadian Bitcoin Savings and Loan company Ledn has announced they have raised $70 Million dollars in Series B funding at a valuation of $540 Million dollars.
This startup was founded by two Western University grads Adam Reeds and Mauricio Di Bartolomeo after meeting at the Richard Ivey School of Business.
You can deposit your Bitcoin with Ledn and earn an interest rate of about 6% on the first half of a bitcoin and 2% on any Bitcoin above 0.5BTC. This Bitcoin is lent out to institutional clients who need to borrow Bitcoin for more complicated trading strategies. On the other side, you can borrow in dollar-denominated terms against your Bitcoin holdings at an interest rate of just under 10%. A product like this allows Bitcoin holders to unlock the value of their appreciated Bitcoin, accessing liquidity without the need to incur a taxable event by selling the Bitcoin.
This $70 Million dollar fundraise will allow Ledn not only to grow the user base of their existing savings and loan product but also expand their demo run of a Bitcoin-backed mortgage or equity borrowing plan. This means no credit check is required where Bitcoin Mortgages are over-collateralized with both bitcoin and the property.
This Bitcoin Backed Mortgage is particularly helpful to Bitcoiners pursuing Financial Independence who’ve given up a traditional 9-5 job or work relationship and who lack a strong T4 or W2 income for mortgage underwriting.
Congratulations Adam and Mauricio, you’re well on your way to riding a Canadian Unicorn!
The full letter to their members follows
We’re thrilled to share that Ledn has raised $70 million, bringing us to a valuation of $540 million. This injection of capital and expertise enables the Ledn team to accelerate our mission to help people globally access and unlock the power of digital assets to build generational wealth.
New and existing backers
Ledn’s Series B was led by 10T, and included executives at Golden Tree Asset Management, Raptor Group, and FJ Labs. We are excited to welcome all four new investors to the Ledn family.
In addition, all of our existing venture investors opted to reinvest. We are immensely grateful for this renewed support from White Star Capital, Kingsway Capital, Susquehanna Private Equity Investments, Global Founders Capital, ParaFi Capital, Alan Howard, CMT Digital, Hashed, Coinbase Ventures, John Pfeffer, and Ascendant Capital.
This show of confidence in Ledn has been driven by our prudent growth strategy, diversified global presence, and the impressive team we have assembled.
How far we’ve come
Ledn’s client base has grown by 10x in the past year, and stretches across 127 countries. Year over year, we have seen a 25x increase in Ledn Loan originations and our assets on platform have exceeded $1.7 billion. Our team also continues to expand, growing past 65 members.
Ledn has managed all that growth without sacrificing on product experience, and we continue to achieve a 95% client satisfaction rate.
Where we’re going
This new round of funding will strengthen our balance sheet to let us expand our lending business. This means launching new products like the Bitcoin Mortgage, reaching a wider global market by localizing our offerings, and expanding our team across Canada and the globe.
Thanks to you
We could not have gotten where we are today without you, our valued clients. Your trust, feedback, and support are foundational for our ongoing success, and we are continually grateful.
Ledn believes in a future where everyone can unlock the wealth-building properties of digital assets like Bitcoin. With this latest addition of capital and support, we are more invigorated and equipped than ever before to make that future a reality.
Adam Reeds & Mauricio Di Bartolomeo
Co-founders of Ledn