Jofie Yordan · · 2 min readFunding Societies bags $7.5m in debt from Norwegian investment fund
Funding Societies co-founder and CEO Kelvin Teo (left) and Norfund regional director of Asia Fay Chetnakarnkul / Photo credit: Funding Societies
Funding Societies, a Singapore-based fintech firm, has secured US$7.5 million in debt funding from Norwegian state-owned investor Norfund.
The company, which operates as Modalku in Indonesia, will use the capital to support its financing solutions in Southeast Asia. Besides Singapore and Indonesia, it also has a presence in Thailand, Malaysia, and Vietnam.
This follows Funding Societies’ debt round in September, where it raised US$27 million.
Funding details
- Funding amount: $7,500,000
- Investor: Norfund
- Stage: Debt
As previously reported by Tech in Asia, Funding Societies recorded an 84% increase in revenue for 2022. However, its losses also rose by 138% in the same period.
In August, the company laid off around 18% of its workforce in Indonesia as part of its efforts to have a “leaner organizational structure.” It expects to achieve profitability in the fourth quarter of 2024.
See also: Funding Societies posts 84% revenue jump in 2022 as losses grow
More details
Funding Societies→The company was founded in 2015 by Kelvin Teo and Reynold Wijaya. |
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