Funding Asia Group, the parent company of regional digital lender Funding Societies, narrowed its losses in 2024, supported by stronger revenue growth and tighter cost controls.
The figures, disclosed in filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) accessed by DealStreetAsia, show a clear improvement in the group’s financial performance.
The Singapore-based fintech, known as Modalku in Indonesia and Malaysia, reported a net loss of US$39.3 million for 2024, down from US$48.5 million in 2023.
Revenue rose 11 percent to US$54.3 million, driven by higher lending volumes and expansion across its payments business.
Although finance and payment processing expenses climbed, overall costs were contained.
Finance charges edged up to US$18.6 million, while payment service costs doubled to US$14.1 million.
These were offset by reduced staff expenses, which fell to US$25.9 million from US$29.2 million, and lower loan impairment losses of US$19.5 million.
Funding Societies also attracted fresh capital in 2024. The firm received equity investments from Khazanah Nasional and CGC Digital, followed by a stake purchase from Maybank as part of its M25+ digitalisation plan.
It further secured a credit facility under HSBC’s US$1 billion ASEAN Growth Fund, bringing total HSBC commitments to over US$100 million, and added US$25 million from Japan’s Cool Japan Fund.
Since inception, the platform has disbursed more than US$4 billion in financing to over 100,000 micro, small, and medium-sized enterprises across Southeast Asia.
Loan sizes range from US$500 to US$1.5 million, with some applications funded within a single day.
Featured image: Edited by Fintech News Singapore, based on image by mkmult via Freepik
