On September 10, reports emerged that US- and Vietnam-based fintech firm, Fvndit, has acquired up to $30 million debt financing. The funding round was led by private debt investor Accial Capital and Variant Investments who are innovators in alternative income investing.
Fvndit, pronounced as ‘Fund It’, is backed by Vemanti Group, a US-based diversified holding company. The company announced that it will use the acquired money for its peer-to-peer (P2P) lending marketplace eLoan JSC (eLoan).
The fintech firm plans to solidify and propel its business model to become the market-leading SME-focused funding platform in Vietnam, according to an official statement highlighted on Deal Street Asia.
Ho Chi Minh City-based eLoan that is entirely owned by Fvndit enables investors to lend money directly to small and medium enterprises (SMEs). Backed by Investree, Indonesia’s SME-focused lending firm, it alleges to be the first P2P lending company and one of the few Vietnamese fintech firms focusing on just SME clients with short-term loans.
Tan Tran, CEO of Vemanti Group and Fvndit said:
“We’re excited about the new capital injection and optimistic about future prospects of eLoan and Fvndit. We see a $100 billion market, and there is a huge unmet credit demand. Already a market leader and one of the first movers; the additional capital will strengthen our position as the de facto SME financing platform in Vietnam and allow us to increase diversification of products.”
The Fvndit team consists of designers, engineers, data scientists, together with banking and trade finance veterans. They are based in two locations: Ho Chi Minh City and Irvine, California.
Notably, the firm confirmed that it uses technology to restructure core parts of the business funding model. That restructuring makes the underwriting and financing procedure straightforward and easy for small businesses.
The Fvndit partners
Vemanti Group is a tech-driven, multi-asset company. It seeks to join and actively participate in high-growth and emerging markets. Its primary strengths exist in technology development and investment. In 2018, the company acquired a 20% stake in eLoan.
Previously in 2017, Vemanti had acquired a majority stake in Ho Chi Minh City-based technology firm Two Group JSC.
Accial Capital is an impact-focused, technology-enabled investor targeting small business and consumer loan portfolios. It operates in Southeast Asia and Latin America. The firm became popular for combining capital, data, technology, and credit expertise to contribute to a world filled with financial health and credit access.
Variant Investments is a renowned innovator specializing in alternative income investing that offers multiple financing solutions.
Featured image via eLoan.vn website