Funding Societies

Funding Societies (also called Modalku in Indonesia) 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' mission is to enable fast and effortless access to funds by bringing SMEs and investors together on our platform.

Funding Societies was founded in 2015 by Kelvin Teo and Reynold Wijaya. The company is based in Singapore, and now covers Singapore, Indonesia, Malaysia, Thailand, and Vietnam; with operations in Hong Kong and India too.


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 also introduced its groundbreaking business expense solution that comes with a credit line – Elevate. SMEs enjoy faster access to credit as their applications receive approval from the first business day.  


Funding Societies has served nearly 2,000 SMEs, with Elevate being their first corporate card. The company has disbursed more than $3 billion in business financing to MSMEs through more than 5 million loan transactions.


Funding Societies is backed by Softbank Ventures Korea, SoftBank Vision Fund 2, Sequoia, EDBI, Golden Gate Ventures, Qualgro VC, HSBC Bank SingaporeHelicap Investments, Triodos Investment, VNG Corporation, and others. The company raised $159M in a Debt financing round on Aug 22, 2022. This brings Funding Societies' total funding to $560.1M to date.



  • Year founded: 2015
  • Funding Info: $560.1M over 8 Rounds (Latest Funding Type: Debt)
  • Yearly Revenue: NA
  • Employee Size: 51-200
  • Business Valuation: NA
  • City/Town: Singapore
  • State: Central Region
  • Country: Singapore
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