California and Vietnam-based FinTech company Fvndit has secured $30m in a round led by Accial Capital and Variant Investments.
Fvndit, which is adamant that people pronounce its name as “Fund it”, is a company with the explicit goal of solving the working capital problem for SMEs by using technology to re-build core parts of the funding infrastructure and make the underwriting and financing seamless for small businesses.
eLoan, Fvndit’s fully-owned subsidiary, operates an online peer-to-peer funding and investing marketplace in Vietnam, its current local market.
“Our vision is to provide quick and easy financing for the underserved SMEs that make up the majority of current economic activity and future growth of Vietnam, an attractive up-and-coming market but yet mostly overlooked by traditional capital,” said Tan Tran, CEO of Fvndit.
“We collaborate with financial partners that look to add strategic value to their portfolio by leveraging our local expertise and unique risk management. Low-cost institutional capital allows us to achieve impact at scale for the vast underbanked SME market. We’re extremely excited about the new partnerships.”
The committed investment will serve to further solidify and propel eLoan’s business objectives as the market leading SME-focused funding platform in Vietnam.
“Fvndit’s unique approach to managing credit risk in this segment sets it up well to scale quickly but responsibly, allowing thousands of SMEs to expand their businesses even in the challenging context of Covid-19,” said Michael Shum, chief investment officer of Accial Capital.
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