Press Release: Funding Societies Crosses US $3 Billion in SME Lending, Doubles Down Beyond Financing to Bolster Support for SMEs’ Needs
Funding Societies | Modalku, the largest unified SME digital finance platform in Southeast Asia, announced it has achieved US$3 billion (S$4.1 billion) over more than 5 million transactions of business financing to small and medium sized enterprises (SMEs) across the region. As the company expands across five countries in Southeast Asia, almost 100,000 SMEs have benefited from the access to financing. It continues to support underserved SMEs via its extensive range of short-term financing solutions, while achieving an overall platform cohort default rate under 2%.
In its move to empower SMEs the company began offering solutions beyond lending, such as payments and collections. Since establishing its payments business, Funding Societies has tripled its Gross Transaction Value (GTV) year-on-year through its proprietary solution Elevate, and its integration of CardUp’s payments solutions for FY2022.
Kelvin Teo, Co-founder & Group Chief Executive Officer, Funding Societies | Modalku said, “2022 was a big year for Funding Societies despite the uncertain macro environment. Committed to empowering SMEs in Southeast Asia, we’ve raised our Series C+; scaled up in Thailand and Vietnam; deepened localised financing propositions; secured our first credit line from a global commercial bank HSBC with US$50 million, entered into payments with CardUp and investment into Bank Index, because SMEs’ needs extend beyond financing.”
“While there are macro headwinds this year, we are optimistic to continue growing sustainably, like we did in Covid-19. We will continue to stay nimble, innovate and scale up in financing, payments and other financial services – catering to various pain points of SMEs,” he added.
Photo courtesy of The Wandering Angel.