Huma Finance Announces Solana Integration Following $38M Raise

After surpassing $2B in transactions, PayFi network Huma Finance spreads its wings to Solana.

Published: Nov 12, 2024 at 13:00
Edited: Nov 12, 2024 at 14:03

Huma Finance, a key player in crypto’s PayFi sector, has announced its migration to the Solana network, marking a major milestone for its rapidly expanding network.

Following a $38 million funding round earlier this year and processing over $2 billion in transactions, Huma aims to redefine onchain RWA solutions and unlock instant liquidity for a variety of businesses worldwide.

Why Solana?

Solana has cemented its position as the crypto industry’s most scalable and performant blockchain. Its best-in-class efficiency has made Solana an ideal solution for global payment solutions, helping the network secure key integrations with Web2 powerhouses like Stripe, Shopify, and PayPal.

By leveraging Solana’s unparalleled efficiency, Huma Finance aims to scale its PayFi network and provide high-performance solutions to its users.

Huma Co-Founder Erbil Karaman has championed Solana’s infrastructure, highlighting its potential to facilitate optimized payment financing solutions.

“PayFi is one of the most important movements in crypto due to its massive impact on businesses and people around the world. To support the rapid growth of the PayFi ecosystem, it's critical that we scale the Huma network as well. Just like PayPal and Stripe, we believe Solana provides one of the best toolkits out there for global payment and financing solutions.”

Reinforcing Huma Finance’s deployment on Solana, Karaman has also teased the launch of a generous stablecoin yield campaign.

“We are thrilled to be launching on Solana, and have a series of partnerships lined up with the top projects to make PayFi accessible from every corner of Solana.” - Erbil Karaman, Huma Co-Founder

By expanding its operations to Solana, Huma is also better positioned to integrate with the ecosystem’s expansive DePIN (Decentralized Physical Infrastructure Network) sector, which boasts key protocols like Hivemapper, Helium, and Render.

Huma Finance Set Sights on $26T Industry

Huma Finance’s migration to Solana coincides with the protocol’s bold ambition in the wider PayFi sector. According to Huma’s internal data, the global PayFi industry facilitates over $16 trillion in credit card merchant payments, $10 trillion in trade finance, and vital remittance flows across the planet.

However, despite their scale, traditional systems face bottlenecks, including high fees and slow processing times. These obstacles stifle businesses, which often need faster access to liquidity to operate at scale.

Huma Finance believes that integrating with the Solana blockchain can help resolve these issues, bringing trillions in real-world payment volume on-chain. Through its PayFi network, Huma provides instant liquidity solutions, unlocking opportunities for businesses that existing systems cannot support.

Following its recent merger with cross-border payment leader Arf, Huma’s PayFi network processed over $2 billion in transactions in 2024 without any credit defaults. The company projects it will surpass $10 billion in transaction volume by 2025.

$38M Funding Round Led By Distributed Global

Huma Finance’s migration to Solana comes following an impressive funding round. Led by Distributed Global and witnessing support from Hashkey Capital and Folius Ventures, Huma Finance successfully raised over $38M in its Series A round.

With funding secured, Huma Finance is expected to expand its PayFi network further into DePIN ecosystems and accelerate the development of decentralized infrastructure on Solana and beyond