Funding Societies Surpasses SGD 1 Billion in SME Lending

This is the highest total funded amount by any SME digital financing platform in Southeast Asia

SINGAPORE, Nov. 27, 2019 /PRNewswire/ -- Funding Societies, the leading SME digital financing platform in Southeast Asia, is ending an eventful year by crossing the SGD 1 billion mark in SME loans. In line with the platform's goal of responsible growth, Funding Societies expanded its loan volume by 3 times in the last 12 month while maintaining a default rate of 1.5%. This is the highest amount given out by any SME digital financing platform in Southeast Asia.

With presence in Singapore, Indonesia and Malaysia, Funding Societies has facilitated more than 1 million business loans to SMEs through a base of more than 150,000 individual and institutional investors in the last 4 years since inception in 2015. 

(From left to right) Kelvin Teo and Reynold Wijaya co-founded Funding Societies in 2015
(From left to right) Kelvin Teo and Reynold Wijaya co-founded Funding Societies in 2015

The growth in SME loans with Funding Societies is reflective of the increasing openness amongst businesses towards new generation funding options. As per the EY, UOB and Dun and Bradstreet report 'Asean SMEs - Are you transforming for the future', 67.8% of the SMEs are now open to non-traditional lenders including lending platforms. Alternative financing providers like Funding Societies are addressing this segment by providing technology backed funding solutions for the growth of local businesses.

Kelvin Teo, Co-Founder and Group CEO of Funding Societies, commented, "What SMEs need is not subprime banking, but a different banking. We're honored to have partnered with many SMEs in their growth journey. It hasn't been easy, as SME financing is a patient business. We hope to work even closer with SMEs in 2020, in line with our belief of 'stronger SMEs, stronger societies' since 2015."

Funding Societies specialises in all forms of short-term unsecured financing up to S$2 million, with funds disbursed as early as the next day. Funding Societies' SME clientele ranges from micro businesses and SMEs to small listed companies looking for working capital financing. For platform investors, the minimum amount is low starting from SGD 20 per investment. Other than individuals Funding Societies also has regulated financial institutions and funds who invest into loans on the platform. 

About Funding Societies

Funding Societies | Modalku is the largest SME digital financing platform in Southeast Asia, licensed in Singapore, Indonesia and Malaysia. Backed by Sequoia India and Softbank Ventures Asia Corp., it provides business financing to small and medium-sized enterprises (SMEs), which is crowdfunded by individual and institutional investors. In 4 years, it has helped finance over 1 million business loans with over S$1 billion in funding. It was given the MAS FinTech Award in 2016, the Global SME Excellence Award at the United Nations' ITU Telecom World in 2017 and Fintech Top 100 by KPMG in 2018 and Brands for Good in 2019.

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