Fintech company Fvndit is holding a $10M digital security offering. The company will use the proceeds to further its Vietnamese crowd-funding platform for small and medium-sized businesses.
Fvndit is merging technology with crowdfunding with the help of a newly-announced STO. The company (pronounced ‘Fund It’) will be holding a security token offering with a cap of $10M. The team made up of engineers, designers, data scientists, trade finance experts, and bank veterans in both Vietnam and California.
The end result is to build a decentralized platform for crowd-funding in Vietnam for medium and small businesses (SMEs). Currently, SMEs account for more than 41% of Vietnam’s overall GDP. With over 70% of SMEs in Vietnam having an issue in accessing credit, Fvndit is hoping to make this process easier.
Fvndit already operates eLoan, a peer-to-peer funding and investing marketplace in Vietnam. To date, it has facilitated over $5M in loan disbursements with zero loan loss.
The Fvndit STO
The STO will target $10M and will be available to both US and non-US investors. Compliant legally in the United States, it falls under Regulation D (506c) and Regulation S exemptions. FVND tokens will be available at 30% discount at a price of $1.00 for the STO.
According to Tan Tran, CEO of Fvndit:
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.
The STO will be done through Securitize and be released as part of Securitize’s DS protocol. The first phase of the STO is expected to begin sometime in Q2 2019.
Do you think Fvndit’s STO has potential? Let us know in the comments.
Image courtesy of Medium.