P2P Lender Fvndit Receives $30 Million Debt Financing for SMEs in Vietnam

Fvndit, Inc. (pronounced “fundit”), a California/Vietnam-based Fintech has acquired a $30 million funding of debt financing led by Accial Capital and Variant Investments.

Fvndit operates a wholly-owned subsidiary, eLoan, JSC, an internet peer-to-peer market in Vietnam. Fvndit stories that SMEs account for 41% of Vietnam’s GDP and 98% of all companies however stay uncared for by banks with 70% having problem accessing credit score. eLoan is focusing on this underserved market. The corporate’s purpose is to be the market-leading SME funding platform in Vietnam.

eLoan is claimed to be the primary peer-to-peer lending firm and one of many few Fintech corporations in Vietnam focusing purely on serving SME shoppers with short-term loans.

Michael Shum, Chief Funding Officer of Accial Capital, says that Fvndit’s strategy to managing credit score threat on this section units it up effectively to scale rapidly however responsibly.

“Our imaginative and prescient is to supply fast and straightforward financing for the underserved SMEs that make up nearly all of present financial exercise and future progress of Vietnam, a lovely up-and-coming market however but principally missed by conventional capital. We collaborate with monetary companions that look so as to add strategic worth to their portfolio by leveraging our native experience and distinctive threat administration. Low-cost institutional capital permits us to realize affect at scale for the huge underbanked SME market. We’re extraordinarily excited in regards to the new partnerships,” stated Tan Tran, CEO of Fvndit.