The Gotianun family’s Filinvest Development Corp. is shutting down crowdfunding platform Investree Philippines amid an ongoing fraud probe of the Investree Group in Indonesia.
In a stock exchange filing on Friday, Filinvest committed to facilitate all payments under its existing agreements.
It said the shareholders of Investree Philippines, a joint venture between Investree Singapore Pte. Ltd. and subsidiary f(dev) Digital Innovations and Ventures, also agreed to shorten the company’s corporate term to Sept. 30, 2025.
“Investree PH is committed to ensuring a smooth transition by adhering to the Securities and Exchange Commission (SEC) regulations,” Filinvest said in a stock exchange filing.
“The company is actively informing all stakeholders, including investors, [small and medium-sized enterprise] partners, and employees, about the wind down process,” it added.
Earlier this year, the Jakarta Globe reported a probe on Investree, TaniFund, and iGrow, which are facing fraud allegations.
3 crowdfunding players
Crowdfunding allows businesses to raise money from a pool of small investors via an online platform. Investree Philippines is one of three licensed crowdfunding platforms in the country.
The emerging alternative financing segment successfully lent over P2 billion to startups as of December last year, the SEC said in a previous statement.
The winding down of Investree PH, which received its crowdfunding lincese from the SEC in 2022, is not expected to have any material impact on the consolidated earnings forecast of Filinvest, the listed holding company said.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
