It's been a hectic couple of months at FundX since we did our soft launch late September. The demand for invoice finance leading up to Christmas has been overwhelming and it doesn't look like it'll stop.
Collaboration Capital has produced a press release on FundX detailing our rapid progress:
Collaborate Corporation Limited (ASX:CL8) is pleased to announce the releaseand publication of an updated research report on Collaborate Corporation Limited by Gordon Capital.
The report covers recent announcements by the Company and provides a detailed review of peer-to-peer lender FundX in which Collaborate has recently made a seed investment. The research report is available for review in the Investor Relations section of the Collaborate Corporation website. Collaborate Corporation has engaged Gordon Capital to provide investor relations services and periodic coverage for the Company.
FundX continues to make significant progress since its soft launch in September 2015. Enquiries for over A$1 million of loans have been received and five loans have been advanced, representing more than 20% of the value of the initial enquiries. All loans are performing and zero defaults have been recorded. Website traffic is growing at over 50% month on month.
A number of investment enquiries have been received from local and overseas parties at a valuation significantly higher than the previous round in which Collaborate made its initial investment. Collaborate has the option to increase its investment in the next funding round, at the same price as its initial investment.
FundX is developing a sophisticated credit risk algorithm in conjunction with KPMG and is working with DocuSign to provide and execute documents in a secure digital format.
The FundX business has been accepted into the leading fintech hub Stone & Chalk. Stone & Chalk is an industry led initiative between fintech entrepreneurs, VCs and corporate and government entities, to incubate and nurture high potential financial services-focussed tech start-ups. Support is provided by partners including KPMG, IAG, Suncorp, ANZ, ASX and Macquarie. FundX is also supported by the leading startup and early stage incubator BlueChilli.
CEO and Director
Collaborate Corporation Limited