Asenso Finance Crowdfunds For New Seed Round

Asenso Finance Crowdfunds For New Seed Round
Written by Publishing Team

Asenso Finance, a fintech startup trying to make it easier for small businesses to get loans from community banks and financial institutions, is looking to raise $1 million in a new crowdfunding campaign.

Ascenso is based in Manhattan Beach Using the crowdfunding platform To find retail investors willing to support its initial round. The startup, launched last fall and backed by Los Angeles-based venture studio Talino Venture Labs, is raising funds with an upfront valuation of $15 million. It also offers core investors special “Early Bird” terms: Those who contribute their first $300,000 will invest in a Simple Agreement for Stock Futures (SAFE) with a pre-money valuation of $12 million, or a 20% discount. As of Monday afternoon, it had raised nearly $91,000.

Asenso aims to close the round by the end of the first quarter or early in the second quarter, Karina Orwell, the company’s lead in corporate development and strategy, told dot.LA. She added that the company plans to allocate 40% of the funds to developing its technology, 30% towards working capital and 30% towards marketing.

The digital platform Asenso attempts to digitize the loan application and service process for community banks and Community Development Financial Institutions (CDFIs), with the goal of making it easier for small business owners to obtain loans at affordable interest rates. This digitization allows community banks and CDFIs to extend more loans to more small businesses while lowering their operating costs.

The startup’s product arrives after the coronavirus pandemic devastated millions of small businesses across the country, forcing many to turn to programs like Small Business Administration. The beleaguered salary protection program to find comfort. in 2020, 62% of companies have received a loan or grant related to coronavirus To keep their operations up and running, and many small businesses still feel it Not sure of their prospects Almost two years after the outbreak of the epidemic.

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