The Securities and Exchange Commission (SEC) has issued a permanent license to pioneering crowdfunding portal Investree Philippines Inc., a joint venture between Gotianun-led conglomerate Filinvest Development Corp. and Investree Singapore Pte. Ltd.
Investree is the very first entity authorized by the SEC to operate a crowdfunding platform that will connect small, medium and emerging enterprises with banks and other lenders.
In its meeting on Jan. 6, the SEC en banc approved Investree Philippines’ application for a permanent license to operate as a funding portal and act as a crowdfunding intermediary, following a review of the company’s operations since the issuance of its provisional license on Jan. 7, 2021.
“The grant of the permanent license is part of the Commission’s efforts to promote crowdfunding as a suitable investment among Filipino investors and to provide more fundraising options for SMEs (small and medium enterprises),” the SEC said in a press statement on Saturday.
The Rules and Regulations Covering Crowdfunding (CF Rules) of the SEC took effect in July 2019.
As of Dec. 20, 2021, Investree Philippines’ crowdfunding portal has had a total of 43 issuers and one investor with 110 notes issued, for a total amount of P172.15 million. The company had three investors during the same period, namely Investree Singapore, Andremere Holding Corp., and Netbank (A Rural Bank) Inc.
Crowdfunding is a fundraising activity typically conducted through an online platform for startups and small businesses. It involves three parties: the entrepreneur or project initiator; the supporters or those willing to fund the business idea or project; and the platform or moderating organization that brings the entrepreneur and supporters together to realize the business idea or project. INQ