Lending app MicroMoney recently announced plans to raise $30 million through its upcoming Initial Coin Offering (ICO), which will launch next month. Founded in 2015, Micro Money describes itself as a company that is focused on micro-financing in the online money lending industry and states that it aims to provide the “best professional” solutions to consumers’ financial needs across Asia and is now available in five Asian countries.
“We provide premium financial services to your everyday needs without any collateral requirements. Easy approval procedures with the shortest processing time will make the loan application simple and fast. MicroMoney offers an innovative approach to consumer Online Cash Advance products, which allows us to adapt to your varying needs.”
The company also revealed in one of its latest blog posts that it chose the mobile app approach because of a high level of smartphone penetration, even in countries with a low level of banking service distribution:
“For example, in Africa, 80% of the population does not have a bank account but 63 of 100 people use mobile phones. Secondly, this is a higher popularity of smartphones above laptops and computers. Finally, it’s practically equal capabilities of smartphones’ and PCs processors and features along with significant progress in financial services mobilization, cloud services, and Big Data systems to analyze all these data.”
MicroMoney also noted that it now employs about 200 people in Cambodia, Myanmar, Singapore, Sri-Lanks, and Thailand to service its microfinance business and some software developers, marketing, and PR managers, copywriters from the United Kingdom, Israel, and Russia to promote the company.
The ICO is expected to go live on October 18th. Pre-sale already started on September 15th with a 43% bonus on purchase during this period. Early investors will get bonuses as high as 25% bonus on day one.