Funding Societies is an online platform that connects investors with small businesses that need funds, solving the financial inclusion issue by making credit-worthy SMEs bankable.
Funding Societies was the first peer-to-peer lender in Singapore to engage an escrow agency to independently and safely manage investors’ funds.
Funding Societies was founded in 2015 by Kelvin Teo and Reynold Wijaya. The company is based in Singapore with operations in Singapore, Malaysia, and Indonesia.
Funding Societies disburses online loans ranging in size from $500 to $1.5 million. Since its launch, it has disbursed more than $2 billion in business financing to MSMEs through more than 4.9 million loan transactions.
Funding Societies through their proprietary-scoring model, make credit decisions on the applications. Approved applications will be assigned a credit score based on their scoring model, which will determine the payable interest rate. The Loans can be repaid at anytime.
Funding Societies’ customers range in size from neighborhood stores and e-commerce vendors to medium-sized enterprises, like fast-growth startups and established corporations that want access to faster revenue-based financing than bank loans, which usually take about two to three months to disburse.
Funding Societies is backed by Softbank Ventures Korea, SoftBank Vision Fund 2, Sequoia Capital India, EDBI, Golden Gate Ventures, Qualgro VC, Helicap Investments, Triodos Investment, VNG Corporation, and others. The company raised $144M in Series C+ equity round and $150M in debt lines on Feb 16, 2022. This brings Funding Societies' total funding to $400.5M to date.