- MetaLend is a web3 bank that connects digital asset owners looking for a loan with lenders.
- The five-month-old startup raised $5 million in its funding round, led by Pantera Capital.
- Check out the nine-slide deck he used below.
For the founders of MetaLend, a bank aimed at facilitating Web3’s play-to-win economy, living together led to co-founding a startup.
Sudjeev Singh and Nikhil Bhardwaj met eight years ago and bonded over their love of sports, the beach and traveling the world. The developers also shared an entrepreneurial spirit.
Singh said that after moving in together, “we usually riffed a lot while working from home between meetings.” At the time, Singh worked for electric scooter company Bird, and Bhardwaj was at Ring, the home security company that Amazon bought for $1 billion in 2018.
Bhardwaj said the fact that they’re longtime friends and roommates “made it a lot easier for us to be co-founders.” They’ve brainstormed startup ideas, embarked on an e-commerce venture, and even built a social app from scratch.
But their side projects never gained popularity. So last year, they decided to quit their full-time developer job and jump into the crypto startup scene.
MetaLend, their five-month-old startup, on Thursday announced a $5 million seed round led by Pantera Capital, with participation from Collab+Currency and angel investors including David Choi, co-founder of MetaStreet, a
art-based non-fungible token provider, or NFT.
MetaLend is one of many crypto and Web3 startups catching investors’ attention and venture capitalists’ money.
Bhardwaj and Singh have been investing in bitcoin since 2017 and began to see the crypto’s potential in 2021 as they watched NFTs — digital tokens that can represent ownership of real-world objects — take off.
“We should do something to provide liquidity to these assets,” Singh said, recalling the early days of MetaLend, which they launched in their Santa Monica apartment. “People can generate income.”
As a bank for Web3, MetaLend connects gamers who own digital assets and want a loan with people who want to earn interest with their ether cryptocurrency. The idea is similar to the process of traditional banks, which can accept collateral as a condition of lending to a borrower. If the borrower cannot repay the loan, the bank owns the asset.
In the case of MetaLend, owners of digital assets can borrow up to 30% of the value of their NFT, and the asset is not collateral for the company but for the person who lent their ether.
MetaLend said the seed funding would be used to expand its team of nine employees – Bhardwaj said he wanted to hire people “who want to convert into Web3 developers”. The startup also plans to use the funding to partner with bloggers, YouTubers, and Twitter influencers in Web3 for advertising purposes.
Here’s the nine-slide pitch deck that MetaLend used to raise $5 million.