(Bloomberg) -- A Filinvest Development Corp. venture has secured a permanent license to raise funds for startups and small businesses, according to the nation's Securities and Exchange Commission.
Investree Philippines Inc., a venture between Filinvest and Investree Singapore Pte. Ltd., can now fully operate a funding portal and act as a crowdfunding intermediary, the SEC said in a statement late Saturday. The company has had a provisional license since January last year.
Investree Philippines operates a lending-based crowdfunding platform, where banks or qualified buyers extend credit to small businesses and emerging enterprises, the SEC said. The granting of the permanent license promotes crowdfunding as a “suitable investment,” it said.
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