Filinvest Development Corp. (FDC) has announced that its subsidiary, f(dev) Digital Innovations and Ventures Inc., in collaboration with Investree Singapore Pte. Ltd., will be winding down the operations of Investree PH Inc., the Philippines’ first crowdfunding platform.
In a recent disclosure to the stock exchange, FDC revealed that Investree PH “will apply for the shortening of its corporate term up to September 30, 2025.”
FDC highlighted that Investree PH is “working diligently to facilitate a smooth transition following due process” in line with Securities and Exchange Commission (SEC) regulations. All stakeholders, including investors, small and medium enterprise (SME) partners, and employees, are being properly informed.
The company assured that it “will continue to facilitate the payment of notes according to the terms and conditions of its agreements.”
Investree PH, which received a permanent licence from the SEC in 2020, has been instrumental in connecting micro, small, and medium enterprises (MSMEs) with investors. Since its launch, it has supported over 180 businesses and funded more than 800 applications across various industries.
Investree, a peer-to-peer (P2P) lending fintech platform originating in Indonesia, has revealed plans for a substantial restructuring to aid its debtors experiencing financial difficulties.
This decision follows the resignation of its CEO, Adrian A. Gunadi, and reports indicating that Investree has been contending with a rising rate of bad loans, with its TKB90 rate dropping below the industry standard.
FDC expressed Investree PH’s gratitude to its stakeholders for their trust and support, while also clarifying that the winding down of Investree PH will have no material effect on FDC’s consolidated earnings forecast for 2024.
Investree PH launched as the Philippines’ first crowdfunding intermediary and funding portal following the implementation of crowdfunding regulations by the SEC in July 2019.
The platform has operated as a lending-based crowdfunding intermediary, connecting banks or qualified buyers as lenders with SMEs as borrowers.
As of the end of 2021, Investree PH’s crowdfunding portal had forty-three issuers and one investor, with one hundred ten notes issued totalling PHP172.15 million. During the same period, it had three investors, including Investree Singapore, Andremere Holding Corp., and Netbank (A Rural Bank) Inc.
Featured image credit: Edited from Freepik
