Vietnamese fintech Fvndit launches $10m security token offering

Chris Ratcliffe/Bloomberg

Fvndit, Inc, a Vietnam and California-based fintech company, has announced the launch of a $10-million digital security offering to further propel its business objectives as the market leading SME-focused crowd-based funding platform in Vietnam.

Fvndit is focused on solving the working capital problem for SMEs using technology. It uses technology to re-build core parts of the business funding infrastructure and makes the underwriting and financing seamless for small businesses.

It owns and operates eLoan JSC, a Vietnam-based peer-to-peer (P2P) lending marketplace that matches investors with borrowers, allowing anyone to lend money directly to small and medium-sized enterprises (SMEs).

The AI-driven risk analysis platform, which was launched in late 2017, claims that it facilitated over $5 million in loan disbursements with zero loan loss and is experiencing double-digit month-month revenue growth.

Digital Security Offering (DSO) and Security Token Offering (STO) are terms used interchangeably to describe offerings of digitized securities and tokenized securities respectively, according to Fvndit.

The newly issued token, FVND, is a security token that is linked to a direct ownership stake in Fvndit through a designated preferred equity class and entitles holders to financial rights and dividends.

This STO will be conducted in multiple phases with a target raise of $10 million and is open to both US and non-US investors.

“Investors will now receive shares, represented by tokens, with asset-backed US-based security and an unprecedented level of transparency that’s extremely important for investing in a rising emerging market,” said Tan Tran, CEO of Fvndit.

“Infusing technology into all aspects of our business from raising capital for growth to the front and back of our operations is a key focus in our overall strategy,” he added.

Last year, US-headquartered Vemanti Group, a diversified holding company, has entered into a definitive agreement to take 20 per cent equity interest in eLoan JSC.

As part of the agreement, the Vemanti Group executed a cash and stock exchange for 20 per cent equity interest in eLoan with options for more along with a corporate board seat.

Also Read:

US-based Vemanti Group takes 20% stake in Vietnamese fintech firm eLoan

Fintech accounts for maximum startup funding in Vietnam in 2018

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.