DeFi lending protocol Maple Finance said Tuesday that it raised $5 million in new strategic funding.

BlockTower Capital and Tioga Capital led the fundraise, which saw additional participation from Cherry Ventures, The Spartan Group, GSR Ventures, Veris Ventures, Maven 11 Capital and Framework Ventures, the company wrote on social media.

Maple Finance will use the funds to bolster expansion in Latin America and the Asia-Pacific, as well as to create new partnerships with other protocols, financial services providers and credit experts.

"The funding round initiates a multi-year, comprehensive growth roadmap designed to see Maple establish itself beyond DeFi and into the world of traditional finance as a leading lending marketplace and technology provider," Maple Finance said.

On-chain capital infrastructure

The platform has over $2.2 billion worth of total loans issued and over $45 million in total assets deposited, according to the firm's website.

"Our mission remains clear — to bridge the web3 and traditional finance industries with a robust, on-chain capital infrastructure that sets new standards and creates opportunities for the entire ecosystem," Maple Finance CEO and c0-founder Sidney Powell said.