MyFend by Fend Group - Empowering Businesses, One Financial Connection at a Time

Project Name: MyFend
Project Track: DeFi
Team Name: Fend Group
Team Member(s): [@myFend @CaptainFoxtrot ]
Dorahacks Project Link: myFend | Buidls | DoraHacks
Project Goal: Using the power of blockchain to provide a faster and more efficient invoice financing solution that is accessible to a wider range of businesses.

Project Info:
myFend aims to provide a decentralized finance (DeFi) platform for invoice financing. Invoice financing is a type of short-term borrowing where businesses can sell their unpaid invoices to a third party at a discount to receive immediate cash flow. By leveraging blockchain technology and smart contracts, we will be able to provide a faster and more efficient invoice financing solution that is accessible to a wider range of businesses.


Traditional invoice financing can be a useful financing solution for businesses that need immediate cash flow. However, there are several potential problems associated with this type of financing:

  • Long processing times: Traditional invoice financing can take weeks or even months to process, which can be too slow for businesses that need immediate cash flow.
  • High fees: Traditional invoice financing companies often charge high fees for their services, which can eat into a business’s profits.
  • Limited access: Traditional invoice financing may not be available to all businesses, as they may require a certain level of the creditworthiness or a minimum amount of invoices.
  • Lack of transparency: The traditional invoice financing process can be opaque, with businesses not always knowing who is financing their invoices or what fees are being charged.
  • Risk of recourse: With traditional invoice financing, there is a risk of recourse, which means that if the debtor does not pay the invoice, the business that sold the invoice may be liable to buy it back at full value, potentially leading to financial loss.
  • Overall, these problems can make traditional invoice financing an expensive, time-consuming, and potentially risky financing option for businesses.


The use of DeFi technology can help solve many of the problems associated with traditional invoice financing. Here are some ways that DeFi can improve the invoice financing process:

  • Faster processing times: DeFi technology can enable faster processing times by automating many of the steps involved in invoice financing, including verification, payment, and record-keeping.
  • Lower fees: DeFi platforms can offer lower fees than traditional invoice financing companies because they operate on a decentralized network that does not require intermediaries.
  • Increased access: DeFi platforms can be more accessible to businesses of all sizes because they do not require a minimum level of the creditworthiness or a certain number of invoices.
  • Increased transparency: DeFi platforms can provide more transparency in the invoice financing process, enabling businesses to see who is financing their invoices and what fees are being charged.
  • Reduced risk of recourse: DeFi platforms can reduce the risk of recourse by providing smart contracts that automatically enforce payment terms and reduce the likelihood of disputes.
  • Overall, the use of DeFi technology in invoice financing can provide a faster, more efficient, and more accessible financing solution for businesses. It can also reduce the risk of financial loss and provide greater transparency in the financing process, making it a more attractive option for businesses in need of immediate cash flow.

Project Website: [MyFend Buidl]

Project Test Instructions: (Loom | Free Screen & Video Recording Software | Loom)

Project Details:

Smart Contract links: [(TRONSCAN | TRON BlockChain Explorer | 波场区块链浏览器)

Project Milestones:

  • Platform Ideation

  • Market Research

  • Competitor Research

  • Figma Design

  • Platform MVP Development

  • Launch on Tron Testnet

  • Launch on Tron Mainnet

  • MJD Group Beta testing

  • Open Platform for small-size invoices


Hello project team MyFend
Welcome to Tron Hackathon session 4
Welcome to Tron Dao forum
All the best


Bienvenido a este S4. la idea del proyecto es muy buena a nivel de obtener efectivo de una manera rápida a las empresas de todo tipo, pequeña, mediana y grande.
La duda que tengo es:
Para obtener efectivo las empresas, sus clientes deben tener solvencia, ¿Cómo se va a solucionar este tema?. Gracias


Welcome to S4 Hackatron
Please with the reduced fees, I believe you are not taking about gas fees but the fees you will charge for your services?


Welcome to Season 4

What is the process for businesses to get verified on the platform and access financial services?


Welcome to this hackathon, an interesting project for all types of companies. Luck


I think you are the second project building about invoice that’s cool, all the same wish you all the best


Thats very nice. What are the measures your project is going to implement to ensure bad actors do not do away with lenders money.

Are you going to adopt a collateral system?? Or simply based on trust score?,


Gracias por su interés en nuestro proyecto. Con este producto, nuestro objetivo es hacer una transición paulatina de los medios tradicionales de préstamo a las pequeñas y medianas empresas. Para abordar este problema inicialmente, nuestro objetivo es conectarnos a la API existente para verificar la credibilidad de estos usuarios y garantizar que todos los usuarios sean solventes. Con el tiempo, seríamos capaces de construir nuestro propio libro mayor.


Esto representaría un gran avance, sobre todo para las pequeñas empresas.


Sí, esto sería especialmente útil para las pequeñas empresas y los prestamistas pueden elegir qué factura comercial les gustaría respaldar y, a cambio, obtendrían un retorno de la inversión.


Hi Prince, gas fees would be charged regardless as it depends on the network. We charge our fees on the invoices and also on the withdrawal of funds. In future, we will bring in easy ways to on-ramp.


oh ok so it is reduced charges from your side


For our MVP product, we would manually verify businesses by checking they are registered, they have a good credit score rating and the invoice presented is genuine. They would also have to agree to the terms and conditions of the platform i.e. repayment terms and other conditions. For them to have access to funding, we would need to verify these invoices and in the future, we plan on creating a verification system to prevent a business from multiple borrowing on a single invoice. After these checks have been done, the funding pool would be accessible to the public to invest in the project. Once the investment pool is completed, the business can withdraw the fund to their wallet and make the repayment when due.


Yes it would be compared to the traditional financing on projects.

1 Like

I get it? thanks for your time


Thanks. All sizes of companies can benefit from this platform and It solves liquidity issues,


Thanks for the support. Any input is appreciated.


KYC is important to us and that would enable us to prevent or reduce bad actors or fake companies seeking funding on the platform. We would ensure that the company is in good health and they have a good trading history.

Bad debt is a major issue when it comes to invoice financing. With invoice financing the collateral system is the invoice. As our solution evolves our solution would be able to detect how genuine an invoice is and whether it has been used as collateral in the past. We also aim at plugging into existing APIs of credit checkers within any country and then building a ledger for ourselves.

1 Like

Thats very nice and straightforward. My next question is, how do you recover funds from borrowers when their company or projects runs into bankruptcy.

In business anything can happen with seconds, a company might be in good standing today and collapse the next day. Example is Menzgold of Ghana.