FundKiss is the very first crowlending platform in Mauritius to allow individuals and companies to finance SMEs directly. In fact, since its inception in 2018, FundKiss has already helped three businesses get off the ground. They are Brocante Co Ltd, Le Marchand and Saveurs Végétales Ltée, which got Rs 35,000, Rs 125,000 and Rs 600,000 respectively.
FundKiss : the 100% Mauritian crowdlending
FundKiss is the first certified crowdlending platform in Mauritius. Aiming to open up a real field of possibilities for SMEs and investors, it was founded by Paul Perrier and Alexandre Béchard. Initially ” incubated ” at the Turbine, Fundkiss is now behind the participatory financing of three successful companies: Brocante Co Ltd, Saveurs Végétales Ltée and Le Marchand.
A lack of financial support for start-ups in Mauritius
According to Alexandre Béchard, director of FundKiss, Mauritian start-ups find it difficult to bring their projects to fruition due to lack of funding and guidance. Yet 40% of the Gross Domestic Product is generated by SMEs (including start-ups) which employ 54% of our working population. These emerging companies are therefore essential to the progress of society, particularly because they bring innovation. It is therefore crucial to provide them with financial support and appropriate guidance.
FundKiss.mu : What is the procedure for obtaining financing ?
The FundKiss participatory lending platform is the first of its kind in Mauritius. Created by Paul Perrier and Alexandre Béchard, it allows entrepreneurs to finance themselves through participatory loans. Thus, the platform connects borrowers and investors. Project holders thus have an alternative to banks or other financial institutions. To benefit from this, SMEs submit their project to FundKiss. If approved, it is then published on the platform, along with the amount sought. The fundraising process takes about 30 days. Individuals can finance a project up to Rs 100,000 and companies can invest up to Rs 200,000.
What are the advantages of turning to crowdlending ?
One of the advantages of crowdfunding is undoubtedly the possibility of obtaining a loan without guarantees. Speed is also an important argument. Indeed, on FundKiss.mu, the crowlending campaign lasts 30 days. SMEs get the money right away if it is collected within 30 days. Then, thanks to the fixed interest rates, there are no surprises in the monthly payments to be repaid. FundKiss also supports start-ups from start to finish, offering a personalised service tailored to each one.
Who is the FundKiss participatory financing platform aimed at?
Any project leader with a vision, a passion and a viable business project can submit their business plan to FundKiss. Once the project is submitted, a response is given within 72 hours. Thus, the borrower will know very quickly if his project has been validated and what interest rate he will benefit from. However, each SME can only submit one project at a time. In addition, before submitting any new project, any outstanding amount must be paid back.
Some additional information on crowdlending
If the full amount is not raised within 30 days, the project will not be funded and the money will be returned to the lenders. However, FundKiss encourages SMEs to resubmit their project after three months. However, the amount loaned cannot exceed the target. Once the amount is reached, the campaign ends, even if the 30 days have not yet elapsed. The funds are paid out to the borrowers after 5 working days.