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IRVINE, Calif., May 08, 2019 (GLOBE NEWSWIRE) -- Fvndit, Inc. (“Fvndit”), a California- and Vietnam-based fintech company, today announced the launch of a $10M digital security offering. Proceeds from the raise will be used to further propel Fvndit’s business objectives as the market leading SME-focused crowd-based funding platform in Vietnam.
Fvndit , pronounced like “Fund it”, is focused on solving the working capital problem for SMEs using technology. The team is comprised of engineers, designers, data scientists, trade finance and banking veterans across 2 locations: Irvine, CA and HCMC, Vietnam. It’s using technology to re-build core parts of the business funding infrastructure and make the underwriting and financing seamless for small businesses. Its wholly-owned subsidiary, eLoan, JSC (“eLoan”), operates an online Peer-to-Peer (P2P) funding and investing marketplace in Vietnam, its current local market. Today, SMEs account for more than 41% of Vietnam’s GDP (of $241B USD) and 97% of all enterprises but still remain largely neglected by traditional banks with 70% of them do not have access or have difficulty in accessing credit. eLoan was launched in late 2017 with a clear mission - to make credit more simple and investing more rewarding. It has facilitated over $5M in loan disbursements with zero loan loss and is experiencing double-digit month-month revenue growth. As the market leader of short-term financing, its mission is to level the playing field for small businesses located in emerging markets and to provide them with simplified financial services.
Digital Security Offering (DSO) and Security Token Offering (STO) are terms used interchangeably to describe offerings of digitized securities and tokenized securities respectively. With issued securities recorded on the Ethereum blockchain, the STO is designed to be an innovative and transformative way for Fvndit to finance growth quickly and to reach as many investors as possible globally with increased transparency and greater efficiency. 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. Further details can be found at https://fvndit.com.
The STO will be conducted in multiple phases with a target raise of $10M USD and is open to both US and non-US investors. This is a US-compliant offering pursuant to applicable Regulation D (506c) and Regulation S exemptions of the SEC. In the first phase, qualified investors will be eligible to subscribe for FVNDs at a 30% discount to the $1.00 issue price. Fvndit will limit the number of tokens that will be issued at this price. Oversubscribed amounts in this phase will be given priority in any subsequent stage of the offering. Securitize will act as technology partner for the issuance and lifecycle of Fvndit’s digital securities, which will be managed by Securitize’s DS Protocol. To subscribe, prospective investors must visit https://fvndit.com to register and submit information and documents necessary to confirm that the prospective investor meets all applicable investor suitability criteria, including those imposed by that prospective investor’s country of domicile.
Tan Tran, CEO of Fvndit, commented, “As a technology company, we strive to be innovative and transparent, bringing trust and confidence to investors interested in our growing business. 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.” He further added, “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.”
This press release shall not constitute an offer to sell or the solicitation of an offer to buy FVNDs, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful.
About Fvndit, Inc.
Fvndit , Inc. (“Fvndit”), pronounced like “Fund it”, is a California- and Vietnam-based fintech company, focused on solving the working capital problem for SMEs using technology. The team is comprised of engineers, designers, data scientists, trade finance and banking veterans across 2 locations: Irvine, CA and HCMC, Vietnam. It’s using technology to re-build core parts of the business funding infrastructure and make the underwriting and financing seamless for small businesses. Its wholly-owned subsidiary, eLoan, JSC (“eLoan”), operates an online P2P funding and investing marketplace in Vietnam, its current local market.
About eLoan, JSC.
, JSC (“eLoan”) is a peer-to-peer (P2P) lending marketplace that allows investors to lend money directly to small and medium-sized enterprises (SMEs) based in Ho Chi Minh City, Vietnam. eLoan is the first peer-to-peer lending company and one of the few fintech firms in Vietnam focusing purely on serving SME clients with short-term loans. Its platform is run on a proprietary AI-driven decision-making and credit-rating system. The company is a legal entity registered under the laws of Vietnam and is not affiliated with E-LOAN, Inc. and http://eloan.com, a Division of Banco Popular de Puerto Rico.
The FVND Tokens are blockchain-based securities and will be issued on the Ethereum blockchain utilizing the ERC-20 protocol standard in accordance with Regulation D and Regulation S of the Securities Act of 1933, which will entitle the holders financial and dividend rights represented by its preferred equity class.
Securitize delivers trusted global solutions for creating compliant digital securities. The Securitize compliance platform and protocol provide a proven, full-stack solution for issuing and managing digital securities (security tokens). Securitize’s innovative DS Protocol has the highest adoption rate in the industry and enables seamless, fully compliant trading across multiple markets simultaneously. Multiple Securitize powered digital securities are already trading globally on public marketplaces with many more in the pipeline.
This press release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Forward-looking statements are projections of events, revenues, income, future economics, research, development, reformulation, product performance or management's plans and objectives for future operations. Some or all of the events or results anticipated by these forward-looking statements may not occur. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control.