Funding Societies raises $27m to bridge credit gap for SMEs in SEA
By Gloria Mathias
Funding Societies | Modalku, the unified SME digital finance platform in Southeast Asia, has successfully raised $27 million in a debt funding round.
The round was led by Asia-focused private credit financier AlteriQ Global, with multi-family office Aument Capital Partners (ACP), and sustainability-focused fund Orange Bloom who also invested in this debt funding round.
The funds will be channelled via Funding Societies’ broad range of tailored financing solutions to support the underserved SME segments in the five markets it operates in. Funding Societies consistently continues to expand the range of access to its services through this funding, while supporting SMEs to maintain their business cash flow.
Co-Founder and Group CEO of Funding Societies | Modalku, Kelvin Teo said, “We’re delighted to receive this debt funding from such a diverse group of institutional investors, all of whom believe in our mission and growth story of serving Southeast Asia’s SMEs. Amidst uncertain macroeconomic conditions, we continue to deepen our financing propositions across our five markets for more underserved SMEs, alongside existing and new partners.”
This debt fundraising will only further grow Funding Societies’ breadth of bridging the gap in financing to the SMEs it serves in Southeast Asia. In its mission and commitment to giving a fair opportunity for these businesses, the company has begun offering solutions beyond lending, such as payments and collections with the ambition of solving cash flow management challenges faced by SMEs.
Managing Partner of AlteriQ Global, Zhi Yong Heng said, “We found great synergy and potential with what Funding Societies has accomplished through the years with its diverse digital financing solutions, the quality of their team and the many SMEs they have served. As one of the leading players in the digital financing space, this ties in very well with how AlteriQ Global strives to foster and provide a fully integrated financing ecosystem. We look forward to supporting and collaborating with Funding Societies as they continue to grow in the region.”
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