|Company Name||1754 Factory|
|Asset Type||Cash Advances|
Please give a brief history of the company and, if applicable, group structure.
Bling (bling.eu) is a mobile app for French consumers that offers a cash advance system up to €100
Please give an overview of the legal structure.
1754 Factory LLC is a Delaware Series LLC created by Davoa Capital. 1754 Factory will enter into an agreement with Centrifuge to operate a special purpose vehicle designed to facilitate transactions on Tinlake. 1754 Factory will launch Bling Series 1 LLC and enter into an institutional purchase agreement to buy Bling bonds. 1754 Factory will bridge Bling bonds to Decentralized Finance (“DeFi”).
How many full-time equivalent team members do you have and what do they do?
3 full time team members
Have you sold equity? Are you venture funded, if so please describe the previous rounds, money invested, and lead investors.
Davoa Capital owns 100% of 1754 Factory. Fabien Dureuil is the founder and the General Partner of Davoa Capital (Davoa.capital).
Is your business sustainably profitable or well funded with sufficient cash runway?
1754 Factory is owned and operated by Davoa Capital with sufficient cash runway.
Describe the asset collateral that you seek to finance.
1754 Factory will buy Bling bonds that are sold at €10,000, which is comprised of over 125 micro loans that average €80. The underlying assets generate a 75% APR and the bond has an 8% coupon rate that is paid quarterly.
Describe your previous track record related to this business proposal.
Bling has originated over 20,000 advances with no defaults
What is the average collateral asset size?
The average collateral asset size is €80
Describe the risk of the assets you are proposing. How do you evaluate and manage that risk?
Bling has advanced over 20,000 micro loans has zero defaults. The Bling bond has a large margin for default risk since the underlying assets pay 75% APR and the bond pays 8%. In addition, 1754 Factory utilizes an extremely conservative structure with multiple layers of risk mitigation. 1754 will utilize Tinlake and provide a 10% TIN ratio as a cash buffer against defaults. In addition, 1754 will only advance about 86% for each bond but will pay pay Tinlake investors 100% of interest recieved from the Bling bonds.
Please describe any conflicts of interest or potential conflicts of interest or any relationship that could compromise or be viewed to compromise the decision making of the company.
Are there or have there in the last 10 years, been any criminal, civil, regulatory or administrative proceedings against (i) the Company or any of its principals or (ii) the product in any similar such matters including reparations, arbitrations, and negotiated settlements? If so, please describe.
Are there any further disclosures that interested party should be aware of?