LOS ANGELES, Feb. 15 11, 2022 (GLOBE NEWSWIRE) — Asenso Finance, an inclusive fintech startup, is making it easier for minority-owned and other underserved small businesses to receive loans from community banks and financial institutions. The company is currently looking to raise $1 million in a new crowdfunding campaign on Wefunder.
Asenso is raising funds at a pre-money valuation of $15 million. Additionally, it incentivizes initial investors with “Early Bird” terms: those who contribute the first $300,000 will invest in a simple agreement for future equity (SAFE) at a pre-cash valuation of $12 million or a 20% discount. The company uses the crowdfunding platform Wefunder.com to find investors and opens its crowdfunding campaign to the Wefunder community on February 15, 2022.
“There are 7.3 million underfunded small businesses in the United States. Asenso’s technology supports a social lending circle model enabling borrowers to secure collateral-free loans and reduce a lender’s operational costs through more efficient digital processes,” said the president of Asenso. Asenso Finance, Keny Chang. “Assuming an average value of $10,000 per loan, this is an underserved market of $73 billion.”
Community banks and CDFIs will contract with Asenso’s Loan-as-a-Service (LaaS) solution to optimize the lending process, digitize operations and reduce risk from underwriting to loan disbursement. As a result, lower operational costs and lower risk will make it easier for banks to offer small business owners loans at more affordable interest rates.
The Social Borrowing Circle Asenso helps banks manage risk and costs through a peer-to-peer lending structure called “The Social Borrowing Circle”. Inspired by the Nobel Peace Prize-winning Grameen Bank in Asia, this award-winning system enables community banks and CDFIs to provide and manage collateral-free loans through an Asenso application. The lending institution brings the small business borrower together with four other businesses or individuals, forming a Group of Five, which serves as co-guarantors for the borrower’s loan.
About Asenso Finance Asenso is a lending-as-a-service (LaaS) financial technology company that provides digital technology and operational expertise to help community banks serve the whole community. Using best practice models from emerging markets, Asenso offers a secure digital solution that enables banks to administer and manage low-interest loans to help small businesses dream bigger. The company’s leadership team, comprised of seasoned financial executives with expertise in banking, fintech and operations, accelerates the company’s goal of making capital more accessible to small businesses.
Asenso Finance is a portfolio company of Los Angeles-based Talino Venture Labs, an award-winning global venture capital studio for inclusive fintech. In 2021, Talino won a Federal Deposit Insurance Corporation (FDIC) technology sprint to reach the unbanked in the United States.
Participate in Asenso’s crowdfunding campaign at https://wefunder.com/asenso.
Investor contact: Carina Oriel Asenso Finance [email protected]
Media Contact: Carol Warren Creor Group [email protected]
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