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Web3 credit scoring infrastructure startup Spectral has raised $23 million in a funding round led by General Catalyst and SocialCapital.
Spectral raises $23 million
Samsung Next, Gradient Ventures, Section 32, Franklin Templeton Investment, Shrug Capital, Circle and Jump Crypto also participated.
The company, which leverages blockchain technology to calculate credit scores, said the funding will support its mission to turn credit scores into an “open and publicly accessible network.”
This platform will allow users to determine their web3 credibility. This is in contrast to “opaque and siloed” institutions that determine an individual’s financial reputation and credit score.
Spectral, announcing a funding round on LinkedIn, said: AI and blockchain technology have enabled us to build a fairer and capital efficient future together.
Similar to traditional FICO scores, Spectral’s Multi Asset Credit Risk Oracle (MACRO) Score, a metric used by lenders to determine a borrower’s creditworthiness, leverages on-chain data to provide an understanding of a borrower’s credit history. Provide a more complete picture and expand financial inclusion.
talk to TechCrunchCEO Sishir Varghese, said it has raised about $30 million to date, adding that the latest funding will allow it to build and expand its credit scoring network.
