Funding Societies secures $27m debt funding to support SMEs across Southeast Asia
Funding Societies, which claims to be the largest SME digital finance platform in Southeast Asia, has secured $27 million in a debt funding round led by AlteriQ Global, with Aument Capital Partners and Orange Bloom also taking part.
Kelvin Teo, co-founder and group CEO of Funding Societies
Founded in 2015 and headquartered in Singapore, Funding Societies, part of the Modalku Group, is licenced and currently operates in Singapore, Malaysia, Indonesia, Thailand and Vietnam.
It specialises in short-term financing for SMEs, with products including micro loans, term loans and virtual cards. It claims to have achieved over $3.2 billion in business financing, processing more than 5 million transactions and serving about 100,000 SMEs across the region.
Commenting on the debt funding, Zhi Yong Heng, managing partner at AlteriQ Global, says: “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.”
Funding Societies plans to channel the fresh funding into its financing solutions to support SMEs in the five regions it operates in. The company has also started to offer other financial services such as payments and collections, in a bid to address the cashflow management problems SMEs face.
“Amidst uncertain macroeconomic conditions, we continue to deepen our financing propositions across our five markets for more underserved SMEs, alongside existing and new partners,” says Kelvin Teo, co-founder and group CEO of Funding Societies.
