Legal Name: Spilsbury Holdings Limited
Location: London, UK
Industry: Global Fintech Market
Size: $127.66B in 2018 (Source: Business Research Company)
Future: $309.98B by 2022 (Source: Business Research Company)
CreditMint creates, trades, and settles financial assets, for the debt market, on a web platform by using the Ethereum blockchain. It has started operating with syndicated & direct lending, for amounts ranging from $50M to $500M.
The fintech company issues loans and bonds, in digital format and on a public blockchain, to speed up the transmission of real financial capital.
The startup’s vision is to leverage the Ethereum blockchain to facilitate the “world’s decentralized investment bank”.
CreditMint’s software operates a zero knowledged circuit, using a public blockchain, to help loan traders and agents coordinate smoothly. This decentralizes financial markets and reduces reliance on traditional banks. Users don’t need to worry about data reconciliation, as CreditMint also offers a single-source of data that is available to all relevant parties.
The CreditMint software creates financial assets – details of which are encrypted and 100% secure, being on blockchain. It also has a controllable chat feature that enables real-time communication with the lender. What’s more, users can track financial data, in real-time, extracted from their legal agreements.
Additionally, the technology makes it possible to get involved in direct trading without the worry of counterparty risk.
Origin and Founding Team
Founder of CreditMint and University of Cambridge postgraduate, Thomas Pocock, was working at debt fund company Park Square Capital between 2014 and 2016. As recounted to Entrepreneur First (EF) by Pocock, during this period, he noticed how tough it was for the firm to reconcile financial data. So he began thinking of a solution that would centralize all the data that lenders end up having to deal with. He believed that they should store all this data within the financial asset itself. Eventually, Pocock quit his job with a mission to reorder the financial economy.
Around that time Zachary Williamson, who has a Phd from the University of Oxford, approached Pocock for career advice. And the former, impressed by Williamson’s computer science expertise and understanding of economics sold him the CreditMint dream. Eventually, by January 2017, he was on board as a co-founder.
Between December 2017 and January 2018, web developers Arnaud Schenk and Joe Andrews, were also recruited as co-founders via the Entrepreneur First’s speed dating initiative.
Performance and Trends
CreditMint joined EF’s accelerator program in October 2017. According to Pitchbook, in March 2018, the startup bagged $100k in funding from them. The company is also backed by ConsenSys, Mov37 and Samos Investments.
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