IRVINE, Calif., Sept. 08, 2020 (GLOBE NEWSWIRE) -- Fvndit, Inc. (“Fvndit”), a California- and Vietnam-based fintech company, today announced an investment of thirty-million dollars ($30M USD) for debt financing led by Accial Capital, a private debt investor in tech-enabled loan portfolios in emerging markets, and Variant Investments, an innovator in alternative income investing.
Fvndit, pronounced like “Fund it”, is focused on solving the working capital problem for SMEs by using technology to re-build core parts of the funding infrastructure and make the underwriting and financing seamless for small businesses. Its wholly-owned subsidiary, eLoan, JSC (“eLoan”), operates an online Peer-to-Peer (P2P) funding and investing marketplace in Vietnam, its current local market. Today, SMEs account for more than 41% of Vietnam’s GDP ($261.64 billion - nominal, 2019 est.), and 98% of all enterprises but still remain largely neglected by traditional banks with 70% of them do not have access or have difficulty in accessing credit. eLoan was launched in late 2017 with a clear mission - to make credit more simple and investing more rewarding.
Michael Shum, Chief Investment Officer of Accial Capital, said, “Fvndit’s unique approach to managing credit risk in this segment sets it up well to scale quickly but responsibly, allowing thousands of SMEs to expand their businesses even in the challenging context of COVID-19.”
The committed investment will serve to further solidify and propel eLoan’s business objectives as the market leading SME-focused funding platform in Vietnam.
“Our vision is to provide quick and easy financing for the underserved SMEs that make up the majority of current economic activity and future growth of Vietnam, an attractive up-and-coming market but yet mostly overlooked by traditional capital. We collaborate with financial partners that look to add strategic value to their portfolio by leveraging our local expertise and unique risk management. Low-cost institutional capital allows us to achieve impact at scale for the vast underbanked SME market. We’re extremely excited about the new partnerships.” stated Tan Tran, CEO of Fvndit.
Curt Fintel, Principal and Co-Founder of Variant Investments, added, “We are honored to be a partner with Fvndit in helping solve liquidity challenges for Vietnamese businesses. Their technology platform allows for swift, efficient underwriting of new borrowers who are in need of capital.”
About Fvndit, Inc.
Fvndit, Inc. (“Fvndit”), pronounced like “Fund it”, is a California- and Vietnam-based fintech company, focused on solving the working capital problem for SMEs using technology. The team is comprised of engineers, designers, data scientists, trade finance and banking veterans across 2 locations: Irvine, CA and HCMC, Vietnam. It’s using technology to re-build core parts of the business funding infrastructure and make the underwriting and financing seamless for small businesses. Its wholly-owned subsidiary, eLoan, JSC (“eLoan”), operates an online P2P funding and investing marketplace in Vietnam, its current local market.
About eLoan, JSC
eLoan, JSC (“eLoan”) is a peer-to-peer (P2P) lending marketplace that allows investors to lend money directly to small and medium-sized enterprises (SMEs) based in Ho Chi Minh City, Vietnam. eLoan is the first peer-to-peer lending company and one of the few fintech firms in Vietnam focusing purely on serving SME clients with short-term loans. Its platform is run on a proprietary data-driven decision-making and credit-rating system. The company is a legal entity registered under the laws of Vietnam and is not affiliated with E-LOAN, Inc. and https://eloan.com, a Division of Banco Popular de Puerto Rico.
About Accial Capital, LLC
Accial Capital (“Accial”) is an impact-focused, tech-enabled investor in small business and consumer loan portfolios in Latin America and South East Asia. Accial Capital combines data, technology, capital and credit expertise to contribute to a world of widespread credit access and financial health.
About Variant Investments, LLC
Variant Investments (“Variant”), an innovator in alternative income investing, is led by an investment team with decades of experience investing in market niches. Variant is well traveled in providing unique financing solutions across complex market opportunities.
This press release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Forward-looking statements are projections of events, revenues, income, future economics, research, development, reformulation, product performance or management's plans and objectives for future operations. Some or all of the events or results anticipated by these forward-looking statements may not occur. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control.