Startup launches Wefunder campaign to attract Early Bird investors to fund their digital lending system for Community Banks and CDFIs.

Asenso Social Borrowing Circle

LOS ANGELES, Feb. 15, 2022 (GLOBE NEWSWIRE) -- Asenso Finance, an inclusive fintech startup, makes it easier for minority-owned and other underserved small businesses to receive loans from community banks and financial institutions. The company is currently looking to raise $1 million in a new crowdfunding campaign on Wefunder.

Asenso is raising funds at a $15 million pre-money valuation. In addition, it incentivizes initial investors with "Early Bird" terms: those contributing to the first $300,000 will invest in a simple agreement for future equity (SAFE) at a $12 million pre-money valuation or a 20% discount. The company is using the crowdfunding platform Wefunder.com to find investors and is opening its crowdfunding campaign to the Wefunder community on February 15, 2022.

“There are 7.3 million underfunded small businesses in the United States. Asenso technology supports a social borrowing circle model enabling borrowers to guarantee loans without collateral and lowers a lender’s operational costs through more efficient digital processes,” said Asenso Finance President Keny Chang. “Assuming an average value of $10,000 per loan, this is a $73 billion underserved market."

Community banks and CDFIs will contract with Asenso's Lending as a Service (LaaS) solution to optimize the loan process, digitize operations and reduce risk from underwriting to loan disbursement. As a result, reduced operational costs and lower risk will make it easier for banks to offer small business owners loans at more affordable interest rates.

The Social Borrowing Circle
Asenso is helping banks manage risk and costs through a peer-to-peer loan structure called "The Social Borrowing Circle." Inspired by the Nobel Peace Prize-winning Grameen Bank in Asia, this award-winning system enables community banks and CDFIs to deliver and manage zero-collateral loans via an Asenso app. The lending institution unites the small business borrower with four other businesses or individuals, forming a group of five, that serves as the co-guarantors for the borrower’s loan.

About Asenso Finance
Asenso is a Lending-as-a-Service (LaaS) fintech firm that provides the digital technology and operations expertise to help community banks to serve the entire community. Using best-practice models from emerging markets, Asenso offers a secure digital solution that enables banks to administer and service lower-interest loans to help small businesses dream bigger. The company’s management team of veteran financial executives, with expertise in banking, fintech, and operations, accelerates the company’s goal of making capital more accessible to small businesses.

Asenso Finance is a portfolio company of Los Angeles-based Talino Venture Labs, an award-winning global venture studio for inclusive fintech. In 2021, Talino won a tech sprint of the Federal Deposit Insurance Corporation (FDIC) to reach the unbanked in the United States.

Participate in Asenso’s equity crowdfunding campaign at https://wefunder.com/asenso.

Investor Contact:
Carina Oriel
Asenso Finance
carina@asensofinance.com

Media Contact:
Carol Warren
Creor Group
carol@creorgroup.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e4bbaaa0-4e4b-4b62-95b7-2ac1e5c0507d