One of the Founder Institute’s top Graduates, Acudeen, is giving back to the FI network by contributing tokens from their recent initial coin offering (ICO) to the Founder Institute Bonus Pool, a shared liquidity pool in which everyone shares equity in the companies formed from each program cohort.
Acudeen has been one of the Founder Institute’s fastest growing Graduate companies. Since launching in 2016, the Manila-based startup has raised over $6 million in funding, and have received considerable press around the globe. This, no doubt, is because of the unique service they provide; Acudeen enables small and medium enterprises (SMEs) to finance their receivables ahead of time, providing companies with a platform that allows transactions to take place quickly, from receivable upload to cash, within days.
As the massive potential of blockchain continues to be explored, what entrepreneurs and startups are discovering is its benefits to help tech companies, especially when it comes to finance. For most, if not all, small and medium businesses, access to financial services is highly restrictive, proving to be one of the biggest hurdles that is hindering their continued growth.
Acudeen, however, has made it their mission to establish themselves as an inclusive environment for small and medium businesses who are having a hard time getting financing using traditional means. By utilizing a customised cryptocurrency, the company aims to create a secure invoice factoring solution, which means that users can list their receivables on Acudeen’s online platform, rather than struggling to find a letter of credit when they’re about to sell their exports.
Watch Acudeen founder Mario Jordan (Magellan) Fetalino III as he pitches for Acudeen at Seedstars Summit 2017:
Because of the success of their ICO, Acudeen plans to continue their expansion across Asia and, hopefully, beyond. However, Acudeen aren’t the only ones benefitting from their ICO. Graduates, Mentors, and Directors from the Manila 2016 Founder Institute cohort will reap the rewards from Acudeen’s latest accomplishment. And because of Acudeen’s generous contribution to their local startup ecosystem, they are also helping to further establish Manila as a global entrepreneurial hub.