Funding Societies, the Singapore-based digital financing platform, has made its fifth market expansion by entering Vietnam.
From left: Diem Phuong, business development manager at Mastercard; Ryan Galloway, country director of Funding Societies Vietnam; and Kelly Wong, vice president of game entertainment and lead game business at VNG / Photo credit: Funding Societies
Vietnam does not have the same access to venture and early-stage capital markets as other Southeast Asian countries, according to Funding Societies. The company is targeting Vietnam’s growing SME landscape, which remains financially underserved. Access to funding remains one of the greatest obstacles to the growth of Vietnamese SMEs.
Using an AI-led credit model, Funding Societies offers traditional term loans, customizable financing solutions, and trade-based financing options in Singapore, Malaysia, Thailand, and Indonesia. The company has disbursed over US$2 billion over its seven years of operation.
Funding Societies secured US$294 million in its series C+ round in February. Out of that amount, US$144 million was raised in equity while the remaining US$150 million was from venture debt funds.
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Editing by Samreen Ahmad and Eileen C. Ang
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