NEWS: FinTech Startup Receives $30M in Debt Financing. Fvndit Will Use the Funds in Its Home Market of Vietnam…
A fintech startup with locations in Irvine and Vietnam has received an investment of debt financing in the amount of $30 million, led by Accial Capital and Variant Investments.
Fvndit uses tech to re-build core parts of the funding infrastructure. It claims it makes underwriting and financing “seamless” for small businesses.
Its wholly-owned subsidiary, eLoan operates an online peer-to-peer funding and investing marketplace in Vietnam, which is its “local” market.
Today, small to medium-sized companies, with less than 500 employees, account for more than 41% of Vietnam’s GDP and 98% of all enterprises.
According to the Fvndit team, these are still “largely neglected” by traditional banks. And, reportedly 70% of them do not have access to credit or have difficulty doing so.
eLoan was launched in late 2017 with a mission of making credit more simple and investing more rewarding.
The Fvndit team is comprised of engineers, designers, data scientists, trade finance and banking veterans across two continents.
Tan Tran is the CEO. He’s also the CEO of Vermanti Group, in Newport Beach, an investment and development company that acquires and integrates emerging tech.