LOCAL start-up Acudeen Technologies Inc. said it expects a 10-fold increase in growth to $30 million this year, from $3 million last year, as it continues its local business supporting other small- and medium-sized firms.
Mario Jordan Fetalino III, the company’s CEO, said the company is on track to reach $30-million worth of invoices this year.
The firm enables micro, small and medium enterprises fund receivables ahead of time as its platform allows transactions to happen fast from receivable uploaded cash within days.
The company said, “The problem for these small firms across many emerging markets is very much the same: inaccessible and expensive means for financing that stifles their businesses.”
Acudeen’s online ecosystem connects small business owners to funders, it said.
Through the platform, an individual may upload their receivables ahead of its maturity date and auction it off at a discounted price, allowing them to liquidate their assets immediately for use in business operations.
“Acudeen has managed to strengthen ties with various financial institutions and enterprise corporations as part of its push for financial inclusion,” Fetalino said.
The start-up closed a $6-million financing deal with Rizal Microbank, a unit of Yuchengco-led Rizal Commercial Banking Corp.
Acudeen said that, at present, 90 percent of municipalities in the country have at least one access point and 65.1 percent have bank branches. Access points per 10,000 adults stood at 9.8.
Based on latest available figures, 31.3 percent of adult Filipinos have a transaction account, and 14 percent have a savings account. Acudeen was founded in 2016 and facilitates receivable discounting for small businesses in the country.