US- and Vietnam-based fintech startup Fvndit has snagged USD 30 million debt financing led by private debt investor Accial Capital and alternative income investment firm Variant Investments, for its Vietnamese peer-to-peer (P2P) lending firm eLoan.
As a wholly-owned subsidiary of Fvndit, eLoan, launched in 2017, is a Vietnam-based fintech firm that allows investors to lend money directly to small and medium sized enterprises (SMEs) in Vietnam driven by a data-driven crediting rating and decision-making system. The new capital will be used to consolidate eLoan’s market position as a leading SME-focused funding platform in Vietnam.
Vietnam is a fertile ground for massive fintech adoption as well as in P2P lending. With SMEs accounting for over 41% of Vietnam’s GDP, 98% of all the enterprises remain neglected by traditional banks, while 70% of them still lack access to credit, according to the data provided by Fvndit.
“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.
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