Fintech company Newity completes $11 million financing, led by CMT Digital

According to The Block, fintech company Newity has completed a $11 million strategic financing round led by CMT Digital, with plans to migrate its small business loan operations to the blockchain.

This is Newity's first financing, using 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 loans, but rethinking the financial infrastructure that connects entrepreneurs with capital. Artificial intelligence and blockchain provide us with the infrastructure to scale our operations according to market demand." The company plans to announce details of its blockchain strategy in the first quarter of this year.