AppsVillage launches US microfinance pilot ahead of schedule
Special Report: AppsVillage is in the fast lane with its launch of a microfinance pilot in the US.
AppsVillage Australia (ASX:APV) today launched a pilot for a US microfinance program, a milestone that’s come in three weeks ahead of schedule.
The SaaS solutions provider for small and medium businesses (SMBs) is rolling out microfinance products valued between $US5,000 ($7,383) and $US50,000, backed by its partner Seek Capital and Fundomate.
AppsVillage partnered with US loan procurement company Seek Capital in October to match small businesses with micro-loans.
To date, the US company has procured more than $US300m in loans for US companies looking for expansion capital to grow their business.
The pilot program allows the company to refine and finalise its customer acquisition strategy by testing and assessing the best target geographies and SMB verticals.
It’s expected to last eight weeks and, once complete, AppsVillage will officially launch the products in the US.
The company has rolled out a similar program in Australia, partnering with Lumi Financial Management to offer microfinance loans between $5,000 and $200,000 backed by Lumi to its Australian customers.
AppsVillage listed on the ASX in August with a platform that provides SMBs with a simple, inexpensive way to create and market their own branded mobile app for their business.It raised $5m in a heavily oversubscribed initial public offer and saw a debut bounce of 45 per cent on the first day.