The company forecasts a USD 2 trillion market opportunity in its use of blockchain to provide an invoice factoring solution using its customised cryptocurrency. With its token pre-sale set to end on April 8, the group’s initial coin offering will launch on April 9 2018.
If a small business is about to ship its exports and has struggled to obtain a letter of credit, it can join the Acudeen platform – subject to a KYC process, which according to Acudeen typically will take a few hours – and list its receivables for sale online instead. Upon upload, the receivable is immediately visible to multiple funders, including banks, financing companies and high-net-worth individuals, to purchase at a discount.
Having launched its online platform for invoice discounting in December 2017, Acudeen onboarded over 400 SMEs and has partnered with two banks in the Philippines, RCBC and UnionBank.
Acudeen currently holds USD 7 million in under trust. Though investors in Dubai, Singapore and Hong Kong can already buy invoices over the platform via remittance, by 2019, the platform is expected to extend to funders from a further 10 countries.
Under the current business model, the company charges the seller a transaction fee of between 1% and 2% of the total transaction value. However, this is set to switch in Q2 2019, when users will be charged per microservice, for instance, upon uploading an invoice.
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