Filinvest Development Corp. (FDC) announced that its subsidiary, f(dev) Digital Innovations and Ventures Inc., along with partner Investree Singapore Pte. Ltd., have agreed to wind down the operations of Investree PH Inc., the Philippines’ first crowdfunding platform.
In a disclosure to the stock exchange, FDC stated that Investree PH “will apply for the shortening of its corporate term up to September 30, 2025.”
The company emphasized that Investree PH is “working diligently to facilitate a smooth transition following due process” in accordance with Securities and Exchange Commission (SEC) regulations.
All stakeholders, including investors, small and medium enterprise (SME) partners, and employees, are being properly informed, FDC added.
“The company will continue to facilitate the payment of notes according to the terms and conditions of its agreements,” FDC assured.
Investree PH, which was granted a permanent license by the SEC in 2020, has played a pivotal role in empowering and connecting micro, small, and medium enterprises (MSMEs) to investors.
Since its inception, it has supported over 180 businesses and funded more than 800 applications across various industries.
“Investree PH expresses its gratitude to its stakeholders for their trust and support,” FDC noted, while also clarifying that the winding down of Investree PH will have no material effect on FDC’s consolidated earnings forecast for 2024.
Investree PH, a joint venture between Investree Singapore Pte. Ltd. and Filinvest Development Corp., launched as the Philippines’ first crowdfunding intermediary and funding portal following the implementation of crowdfunding regulations by the SEC in July 2019.
The platform operates as a lending-based crowdfunding intermediary, connecting banks or qualified buyers as lenders with SMEs as borrowers.
As of the end of 2021, Investree PH’s crowdfunding portal had 43 issuers and one investor, with 110 notes issued totaling PHP172.15 million (about $3 million).
During the same period, it had three investors, including Investree Singapore, Andremere Holding Corp., and Netbank (A Rural Bank) Inc.