Acudeen Technologies sees robust growth this year

MANILA, Philippines — Acudeen Technologies, a Filipino startup, is projecting a 10-fold increase in growth  this year as it continues to help small businesses grow.

 Mario Jordan “Magellan” Fetalino III, chief executive officer of Acudeen Technologies, said the company is on track to hitting $30 million worth of invoices this year, making it one of the most successful and fastest growing startups in Asia.

 Acudeen enables small and medium enterprises and micro, small and medium enterprises to finance their receivables ahead of time through its platform.

Through the platform, an individual may upload his or her receivable ahead of its maturity date and auction it off at a discounted price.

 This allows them to liquidate their assets almost 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.

 It aims to address the problem of many SMEs and MSMEs in the Philippines, which is similar across many emerging markets -- inaccessibility and expensive means for financing that stifle their businesses.

 The Filipino startup closed a $6 million financing deal with Rizal Microbank, a subsidiary of Yuchengco-led Rizal Commercial Banking Corp.

Fetalino said the company has embarked on a mission to support economic growth through financial inclusion.

 Financial inclusion means providing all Filipinos access to affordable and client-centered financial services that can help them build a better life for themselves and their families.

 Since 2000, the Bangko Sentral ng Pilipinas has been nurturing an enabling environment for the delivery of financial products `specifically for the low income and vulnerable sectors of  the society.

 Founded in 2016, Acudeen facilitates receivable discounting for small businesses in the country.