IN FOCUS
In today’s newsletter, we look at:
- Why Funding Societies is behind on its profitability target
- What the Golden Week travel surge in China bodes for payments giant Alipay
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Hello there,
It’s no secret that businesses had it rough the past couple of years. A cafe near my old place that I used to frequent – with one of the best cafe lattes in town – had to shutter its second location earlier this year.
For Funding Societies, 2023 might have been – in the words of the company – its “toughest year” yet.
In this week’s Big Story, I look at Funding Societies’ 2023 financials, which show that the Singapore-based SME digital financing platform grew its top line by 33% year on year. However, most of this growth came from payments revenue – by way of the company’s acquisition of CardUp.
Loans to customers, Funding Societies’ bread and butter, were lower last year compared to 2022, coming against the backdrop of 2023’s tough credit environment.
Meanwhile, in this week’s Hot Take, I look into the surge in Alipay usage during China’s Golden Week and Ant Group’s overseas gambits.
— Miguel
THE BIG STORY
Funding Societies grows losses, top line in ‘toughest year’ yet
Image credit: Timmy Loen
The Singapore-based firm is behind on a Q4 2024 profitability goal but remains profitable in “some countries.”
THE HOT TAKE
Can Alipay’s Golden Week surge last?
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