Another Filipino start-up has a solution to help SMEs liquidate their receivables faster. Acudeen or “Ako Din” (me too), founded by Mr. Mario Jordan Fetalino III in 2016, has already garnered recognition around the world. The company is now starting its ICO in Singapore to extend its reach.
Acudeen is the brainchild of Mr. Mario Jordan Fetalino III. He shared in an article with Forbes that he used to run a company that gets $500,000 worth of project a year. It’s good indeed but the problem is 80% of that profit are receivables, meaning it’s unpaid collectibles. He even shared that one time he has to sacrifice his rent plus his salary just to get his employees paid. With this scenario, he had an idea and solution for SMEs, Acudeen or “Ako Din”.
Acudeen aims to help SMEs liquefy their receivables in a matter of days. They don’t have to wait for 30-90 days because they can sell the invoice to the Acudeen (to the company). Acudeen will then post the invoice up for bid and big players can buy it. As of this writing, they are now backed by big companies like Rizal Microbank that can finance Php 300M worth of receivables.
You might wonder why they called the company Acudeen (Ako Din). The reason for this is the inability of small to medium enterprises to loan money from the bank. Usually, the bank requires a lot of papers, tenure-ship of the business, etc. This is why most of them tend to go to people that can give them money with a very high interest A.K.A. 5-6. With Acudeen, they are saying “Ako Din” (me too) can grow without the need of procuring hard to get documents.
Acudeen started pre-selling coins on March 15, 2018 in Singapore. They are hoping to raise $35 million to stretch their reach in the Lion City.
“Proceeds from the token sale will be used to fund our expansion and our migration to blockchain technology. It’s a utility token that will be used for transactions in the Acudeen platform.” – Mr. Januario Jesus Gregorio Atencio III, Chairman, Acudeen
The private sale started on March 15 to April 8, 2018. The ICO will then be open to the public on April 9 to 30, 2018.
“The ACU tokens serve as our answer to the growing demand for our services outside of our current consumer market. The purpose of our token sale is to accelerate more businesses with our services in the coming years through this revolutionary technology.” – Mr. Januario Jesus Gregorio Atencio III, Chairman, Acudeen
Singapore is their stepping stone to reach other countries in Southeast Asia. They plan to also open a remote location in Myanmar and establish full-scale operations in Vietnam and Indonesia.