Aditya Hadi Pratama · · 1 min readFunding Societies scores $50m in debt funding from HSBC Singapore
Funding Societies, a Singapore-based fintech firm, has signed an agreement to secure US$50 million in credit facilities from HSBC Singapore.
The fund will be disbursed through tailored loan products for small and medium-sized enterprises (SMEs) in Singapore, Indonesia, Malaysia, Thailand, and Vietnam.
Kelvin Teo, co-founder and Group CEO of Funding Societies / Photo credit: Funding Societies
Founded by Kelvin Teo and Reynold Wijaya in 2015, Funding Societies gives SMEs in Southeast Asia access to US$500 to US$1.5 million in loans for their businesses. In Indonesia, the company operates under the name Modalku.
Since its establishment, Funding Societies has disbursed more than US$2.6 billion through 5.1 million loan transactions.
Earlier this year, the company raised US$144 million in a series C+ round led by SoftBank Vision Fund 2. At the same time, Funding Societies also received US$150 million in debt financing from institutional lenders in Europe, Asia, and the US.
Funding Societies has also ventured into digital banking by investing in Indonesia’s Bank Index and has expanded to the non-lending space by acquiring Singapore-based fintech firm CardUp.
Editing by Miguel Cordon and Eileen C. Ang
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