Fvndit secures $30m debt financing for its Vietnamese P2P lending marketplace eLoan

REUTERS/Dado Ruvic

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.