Friday, 22 November 2024
Funding Societies raises S$10 million in Series A funding
Singapore -- Funding Societies, a peer-to-business (P2B) lending marketplace, has secured S$10 million in a Series A funding round, the largest amount raised by a P2P lending platform in Southeast Asia (SEA). The additional financing will be channeled towards strengthening customer experience, streamlining services for borrowers and lenders, and complying with regulatory variations in Singapore, Malaysia and Indonesia.
The latest round was led by Sequoia India and also included funding from Harvard University experts and existing investors such as Alpha JWC Ventures.
“P2B lending is a capital and knowledge-intensive business. We believe in working with the best in the industry and are proud to partner with Sequoia in this journey. Their experience investing in online lending platforms will bring Funding Societies to the next level. We will continue serving SMEs and lenders with the same focus on sustainable, quality growth,” said Kelvin Teo, Co-Founder of Funding Societies.
“Sequoia has been impressed by Funding Societies' strong team and their ability to execute across Southeast Asia. In a large market, they have grown fast by effectively meeting the needs of both SME’s and lenders. Funding Societies is well positioned to emerge as a leading P2P platform in the region and Sequoia is delighted to support them in this endeavor”, said Pieter Kemps, Vice-President at Sequoia.
Funding Societies has consistently adopted a proactive approach towards compliance, highlighted by its early investment into an escrow arrangement, strong credit assessment capabilities and regular lender education. With its latest funding, Funding Societies plans to cement its position as an enterprise synonymous with trust and sustainability.
Will Ongkowidjaja, Co-Founder and Managing Partner of Alpha JWC Ventures added, "What makes Funding Societies truly special is Kelvin Teo and his Co-Founder Reynold Wijaya’s bold vision, their belief in making an impact to help SMEs, and their ability to inspire best-in-class people to join their journey. Given our partnership with Funding Societies from its early days, it is truly rewarding to see the progress they have made in realizing their vision. I genuinely believe there are more good things to come."
Since June 2015, Funding Societies had provided more than S$8.5 million in loans to about 100 Small Medium Enterprises in Singapore. This marks the highest number of loans by a Singapore P2P lending company in a span of 12 months. Through its sister platform in Indonesia, called Modalku (or “My Capital” in Bahasa), Funding Societies has also given about S$1 million in loans to more than 30 SMEs in Indonesia.
Re-disseminated by The Asian Banker
