Acudeen on track to hit $30M worth of invoices this year

FINANCIAL TECHNOLOGY start- up firm Acudeen Technologies, Inc. said it is on track to reach $ 30 million worth of invoices this year, as it grows its network for micro to small and medium enterprises ( MSMEs).

In a statement issued over the weekend, the company said it has signed a $ 6- million deal with Yuchengco- led Rizal Microbank, a subsidiary of listed firm Rizal Commerical Banking Corp., which will further strengthen its vision toward financial inclusion for small businesses.

“Financial inclusion is about providing all Filipinos access to affordable and client- centered financial services that can help them build a better life for themselves and their families,” the company said.

Acudeen connects MSMEs with 30to 120- day receivables to buyers willing to invest in the business through its online platform. The venture recognizes the problems that many SMEs and MSMEs face regarding financing, where a lack of access to funding can stifle their growth.

Last year, Acudeen recorded $ 3 million worth of invoices, providing liquidity to over 400 MSMEs. Should the company hit its $ 30- million target by the end of the year, this would make Acudeen one of the fastest growing startups in Asia.

Founded in 2016, Acudeen is currently chaired by former 8990 Holdings, Inc. President and Chief Executive Officer Januario Jesus Gregorio B. Atencio III. The company’s name is derived from the Filipino term Ako Din ( Me Too), as it pushes to help the unbanked and underbanked MSMEs in emerging markets.

The Bangko Sentral ng Pilipinas itself has been pushing for financial inclusion in the country since 2000, where it has advocated for products and services that will benefit people who will access the service. —