Funding Societies achieves $3b in SME lending

By Leandra Monteiro

Funding Societies, a Singapore-based SME digital financing platform and debt investment platform announced that it has officially achieved $3 billion in SME Lending across Southeast Asia.

In a move to empower SMEs, the company is doubling down beyond financing and into payments with its business expense solution, Elevate. With over more than 5 million transactions of business financing to small and medium-sized enterprises (SMEs), at least 100,000 SMEs have benefited from access to financing across five countries in Southeast Asia.

Kelvin Teo, CPA, Co-founder and Group CEO of Funding Societies said, “2022 was a big year for Funding Societies despite the uncertain macro environment. Committed to empowering SMEs in Southeast Asia, we’ve raised our Series C+; scaled up in Thailand and Vietnam; deepened localised financing propositions; secured our first credit line from a global commercial bank HSBC with US$50 million, entered into payments with CardUp and investment into Bank Index, because SMEs’ needs extend beyond financing.”

He added, “While there are macro headwinds this year, we are optimistic to continue growing sustainably…We will continue to stay nimble, innovate and scale up in financing, payments and other financial services – catering to various pain points of SMEs.”

Funding Societies | Modalku is currently licensed and operating in Singapore, Indonesia, Malaysia, and Thailand. Since 2015, the company has helped a number of small and medium-sized enterprises grow their businesses, and in the process helped both individuals and institutional investors to grow their portfolios.