Shadine Taufik · · 1 min readFunding Societies hits $3b in SME financing
Funding Societies’ Singapore leadership team/ Photo credit: Funding Societies
Funding Societies, a Singapore-headquartered fintech firm, said it has disbursed US$3 billion in business financing to SMEs in Southeast Asia to date.
The company said that it has served nearly 100,000 companies while its overall default rate remains under 2%.
Founded by Kelvin Teo and Reynold Wijaya in 2015, Funding Societies lends between US$500 to US$1.5 million to SMEs in Singapore, Malaysia, Vietnam, Thailand, and Indonesia.
In June 2022, Funding Society acquired CardUp, a Singapore-based payments company, for an undisclosed amount.
The SME lender added that it’s planning to expand Islamic financing offerings in Malaysia. It also recently appointed Chai Kien Poon as its Malaysia country manager and Funding Societies Malaysia co-founder Wong Kah Meng as group COO.
In February 2022, Funding Societies raised US$294 million in new funding, which consisted of US$144 million in a C+round led by SoftBank Vision Fund 2 and US$150 million in debt financing from other institutional lenders.
Editing by Thu Huong Le
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