US- and Vietnam-based fintech company Fvndit has raised $30 million debt financing led by private debt investor Accial Capital and Variant Investments, an innovator in alternative income investing.
Fvndit (pronounced “Fund it”), which is backed by the US diversified holding company Vemanti Group, will use the proceeds for its peer-to-peer (P2P) lending marketplace eLoan JSC (eLoan), to “further solidify and propel its business as the market-leading SME-focused funding platform in Vietnam”, it said in a statement.
Ho Chi Minh City-based eLoan, wholly-owned by Fvndit, allows investors to lend money directly to small and medium enterprises (SMEs). Backed by Indonesia’s SME-focused lending firm Investree, it claims to be the first P2P lending company and one of the few fintech firms in Vietnam focusing purely on SME clients with short-term loans.
“We’re excited about the new capital injection and optimistic about future prospects of Fvndit and eLoan. 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,” said Tan Tran, who is CEO of Vemanti Group and Fvndit.
The Fvndit team comprises engineers, designers, data scientists, and trade finance and banking veterans in two locations: Irvine, California and Ho Chi Minh City. The company says it uses technology to rebuild core parts of the business funding infrastructure and makes the underwriting and financing process seamless for small businesses.
Vemanti Group, is a technology-driven, multi-asset company that seeks to be active in high-growth and emerging markets. Its core strengths are in technology development and investment. The company acquired 20 per cent stake in eLoan in 2018. Earlier, it had also acquired a majority stake in Ho Chi Minh City-based tech firm Two Group JSC in 2017.
Accial Capital is an impact-focused, tech-enabled investor in small business and consumer loan portfolios in Latin America and Southeast Asia. It combines data, technology, capital and credit expertise to contribute to a world of widespread credit access and financial health.
Variant Investments is an innovator in alternative income investing that provides various financing solutions.