P2P Lending Platform Funding Societies Surpasses SGD 1 Billion in SME Lendingby Fintechnews Singapore November 27, 2019
Funding Societies, a SME digital financing platform in Southeast Asia, is ending an eventful year by crossing the SGD 1 billion mark in SME loans.
In line with the platform’s goal of responsible growth, Funding Societies expanded its loan volume by 3 times in the last 12 month while maintaining default rate of 1.5%. They claim that this is the highest amount given out by any SME digital financing platform in Southeast Asia.
With presence in Singapore, Indonesia and Malaysia, Funding Societies shared that is has facilitated more than 1 million business loans to SMEs through a base of more than 150,000 individual and institutional investors in the last 4 years since inception in 2015.
They attributed the growth in SME loans with Funding Societies is reflective of the increasing openness amongst businesses towards new generation funding options.
Kelvin Teo, Co-Founder and Group CEO of Funding Societies, commented,
“What SMEs need is not subprime banking, but a different banking. We’re honored to have partnered with many SMEs in their growth journey. It hasn’t been easy, as SME financing is a patient business. We hope to work even closer with SMEs in 2020, in line with our belief of ‘stronger SMEs, stronger societies’ since 2015.”
Funding Societies specialises in all forms of short-term unsecured financing up to S$2 million, with funds disbursed as early as the next day. Funding Societies’ SME clientele ranges from micro businesses and SMEs to small listed companies looking for working capital financing. For platform investors, the minimum amount is low starting from $20 per investment. Other than individuals Funding Societies also has regulated financial institutions and funds who invest into loans on the platform.