Funding Societies wrapped up its Series C funding, bringing in THB 1.3 million (USD 40.7 million). The SME digital financing platform will utilize the capital to support its expansion plans into Thailand this year.
Founded in 2015, Funding Societies is now Southeast Asia’s largest SME digital financing platform. The fintech startup has disbursed more than two million loans to SMEs in Singapore, Malaysia and Indonesia.
Thailand is seen as an important market for the company as the country is currently dealing with a THB 1.3 trillion (USD 40.7 billion) SME funding gap despite this group comprising more than 90 percent of the country’s registered businesses, data from the Thailand Credit Guarantee Corporation found.
“We strongly believe that our successful digital financing products in Indonesia will translate well in Thailand, as the market conditions are similar in many ways. By providing access to fast, flexible, unsecured lending, Funding Societies is confident of benefitting SMEs, especially as they struggle with the impact of the COVID-19 crisis,” Iwan Kurniawan, Co-Founder and Chief Operating Officer of Modalku, the firm’s Indonesian arm, said.
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Funding Societies and Thailand 4.0
Funding Societies believes its goal of bridging the SME funding gap dovetails nicely with the government’s Thailand 4.0 ambitions that focus on innovation and technology. The company is confident that its past success will allow it to make a significant contribution towards enabling the success of Thai SMEs and supporting the Thai economy.
“We’re honored by the conviction from both existing and new investors in Series C, including a major Indonesian bank. Our mission is to enable SMEs and uplift societies in Southeast Asia. Building on our leading position in Singapore, Indonesia, and Malaysia, we are looking forward to contributing to Thailand this year,” Kelvin Teo, Co-Founder and Group CEO of Funding Societies, stated.
SMEs across numerous segments and industries in Southeast Asia have secured loans through the Funding Societies platform. The company provides a wide range of product solutions including business term loans, line of credit and supply chain financing.
