FintruX Network, the global P2P lending ecosystem, announced that they have successfully raised $25M in their token sale.
SINGAPORE, March 26, 2018 /PRNewswire/ - FintruX Network, the global P2P lending ecosystem, has successfully raised over 22,000 ETH from contributors around the world in its token sale. The proceeds of the sale will be used to build an Ethereum-based platform that will fundamentally enhance the P2P loan experience for small businesses and startups.
"We are humbled to see that thousands of people from 100 different countries share our vision to serve the underserved and have helped us raise a total of about $25 million that will enable us to make our global P2P lending ecosystem a reality," said founder and CEO of FintruX Network, Nelson Lin.
FintruX Network empowers small businesses, especially startups across the globe to access the financing they need within minutes from reputable institutional lenders and accredited investors at reasonable rates. The absence of cash flow is a major problem that continues to hold back small businesses and startups all around the world. Traditional financing options are either not accessible or have oppressive credit terms that further restrict liquidity instead of providing the intended relief.
The platform enables affordable unsecured financing by applying cascading levels of insurance to cover potential losses. This is further enhanced by innovative scoring mechanisms complemented by machine learning and artificial intelligence, to maximize the success of safe lending to borrowers unseen by traditional financing.
Finally, FintruX Network makes all these tools easy to use. In addition to instant matching, this platform simplifies contract creation and management by providing an interface even non-programmers can understand. A unique smart contract is automatically generated and deployed by FintruX Network for each approved loan in real-time to provide unambiguous, immutable, and censorship resistant records where no arbitration is required.
FintruX Network will be testing selective live loans on their alpha release starting Q2 2018 and welcomes additional lenders who wish to participate in the alpha and beta tests of the platform.
About FintruX Network
FintruX Pte Ltd is a Singaporean blockchain startup backed by tech experts Robocoder Corporation with a goal to build a global P2P lending highway on the blockchain. The company aims to make unsecured loans highly secure and their ecosystem facilitates marketplace lending in a true peer-to-peer network to ease the cash-flow issues of small businesses and startups. The many industry leading FintruX ecosystem partners are currently Bancor, Bloom, Cynopsis Solutions, Datawallet, Hive, Persona, traceto.io, and Trust Wallet.
Founder Nelson Lin has been an innovator all his life since starting his career as a systems analyst at J.P. Morgan in 1986. Lin invented asynchronous call in programming and delivered the first online credit adjudication in Canada. He also invented the low-code development platform called Rintagi. In 2017, Open Sourced Rintagi became a global collaborative project,. This has also been used as both the knowledge and technology base of FintruX.
Beyond the founder, the entire team has extensive experience serving the financial industry in Asia and North America as well as building securitization software that currently manages billions of dollars of assets. It is this experience, in particular, that has allowed the FintruX team to create a platform with this technology that makes even unsecured loans highly secure, and makes affordable, even cross-border borrowing a reality.
SOURCE FintruX Network