FundX Finances Initial Loans

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In a recent ASX announcement from Collaborate Corporation Limited (ASX:CL8) (a major investor in BlueChilli startup FundX) has announced that FundX has made significant progress since its soft launch in September.

Enquiries for over $1m in loans have been received and five loans have been advanced, representing more than 20% of the value of the initial enquiries.  All loans are performing and zero defaults have been recorded.  Website traffic is growing at 50% month on month.

A number of investment enquiries have been received from local and overseas parties at a valuation significantly higher than the previous round in which Collaborate made its initial investment.

FundX is developing a sophisticated credit risk algorithm in conjunction with KPMG and is working with DocuSign to provide and execute documents in a secure digital format.

Full ASX announcement [pdf]

fundx homepage