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Digital Lending Platform Funding Societies Raises USD$294 Million To Boost Southeast Asia Expansion

Funding Societies is set to proceed with their plans to further expand their reach throughout the Southeast Asian market following an oversubscribed Series C+ equity funding that raised a total of US$144 million. The round, led by Japanese venture capital fund SoftBank Vision Fund 2, also included new investors from Vietnamese tech giant VNG Corporation, Rapyd Ventures, Asia-based global investor EDBI, Indies Capital, K3 Ventures, and Ascend Vietnam Ventures.

Moreover, the fintech company received US$150 million in debt lines from institutional lenders across Europe, the United States, and Asia, some of which have been drawn down since 2021. This comes on the back of its US$45 million Series C raised between 2020 and 2021. This funding round will also see proceeds of US$16 million going to former and existing employees via the company's stock option plan, in the form of share buyback.

Co-founder and CEO, Kelvin Teo and co-founder, Reynold Wijaya / Funding Societies

"We're honoured by the faith of our new and existing shareholders. We started Funding Societies | Modalku to empower SMEs by solving their biggest problem, access to financing, especially unsecured financing,” said co-founder and group CEO, Kelvin Teo. “Having proven our AI-led credit capabilities in an unprecedented financial crisis, we look to serve SMEs even better with neo banking and deeper regional presence in Southeast Asia."

Since its establishment in 2015, Funding Societies has solidified itself as a one-stop-shop in SME financing with an AI-led credit model and value-added products to under-served businesses. The fintech, known as Modalku in Indonesia, solves MSMEs' key pain points for growth by offering microloans from US$500 to US$1.5 million, suitable for small businesses looking to manage their cashflows.

To date, it has disbursed over US$2 billion in business financing to MSMEs through more than 5 million loan transactions in Southeast Asia. Seven years on, the company is now licensed and registered in Singapore, Indonesia, Malaysia, Thailand, and operating in Vietnam.


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