FINBIT UPDATE (as of November 2021)

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There have been some significant developments for our FINBIT.

FINBIT has been perfected further, with some great new features and further trialling and testing to meet many clients’ needs.

The app is now widely used, across three continents, in five projects, most of these active in multiple countries. We are reaching micro-and small businesses, refugees, and other low-income groups.

Some organisations are requesting specifically for the app to be used by their own staff (sometimes according to the client’s branding) and in one project it is going to serve as a self-reporting tool, rather than an interview tool.

FINBIT has gone through a number of developments, many specific for small firms, such as a dynamic asset registry which serves as a wealth indicator and in some countries it is an important indicator for deciding the size classification of firms. Other improvements include account management and account balance, employee management features including tracking hours worked. 

We are now developing a new feature where a small or micro-firm can use FINBIT to track individual clients’ accounts and overdue payments (specifically for student payments at schools, but can easily be adapted to clinics, and businesses serving business, e.g., printers or wholesalers).

Since July this year FINBIT, is now operating as a separate company, with all shares owned for now, by L-IFT Holding. Key staff in L-IFT get an annual profit share. In 2026 the profit shareholders can convert into share ownership and FINBIT BV’s structures will then make it possible for relevant partners to obtain shares.