Fvndit invested $30 million 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.
Fnvdit focuses on solving the working capital problem for SMEs by using technology to rebuild core parts of the funding infrastructure for small businesses. Its wholly-owned subsidiary, eLoan, operates an online peer-to-peer (P2P) funding and investing marketplace in Vietnam.
“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,” Michael Shum, chief investment officer of Accial Capital, said.
The investment will serve to solidify and propel eLoan’s business objectives as a 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.” Tan Tran, CEO of Fvndit, said.
Fvndit is a California and Vietnam-based fintech company focused on solving the working capital problem for SMEs using technology.
eLoan, JSC is a peer-to-peer lending marketplace that allows investors to lend money directly to small and medium-sized enterprises (SMEs).
