Funding Societies Bags Investment From Samsung Venturesby Fintech News Singapore December 16, 2020
South East Asia’s P2P financing platform, Funding Societies also known as Modalku in Indonesia, announced that Samsung Venture Investment Corporation has invested in its latest funding round.
Funding Societies intends to expand its technology team across to tap tech and data talent from across the region. The funds raised will also be channeled towards developing the firm’s strategic and new business models in its next stage of evolution.
This comes on the back of earlier investments from Sequoia India, Softbank Ventures Asia Corp, SG Innovate, BRI Ventures, Qualgro Partners and Endeavor amongst others. Additionally, the platform has raised credit lines from Asian and European financial institutions to further support SMEs. Funding Societies and Samsung Ventures, along with Samsung Life Insurance Co., will create a strategic alliance to introduce prospective partnerships and collaborations.
Samsung Venture is an investment arm of the South Korean conglomerate, Samsung Group, investing in companies focused on IT, semiconductors, software, internet services, biotechnology, and more. They have invested in fintech firm M-DAQ in Singapore, food delivery platform Swiggy in India and artificial intelligence firm Cogent Labs in Japan, to name a few.
Focused on innovative companies, Samsung Venture said that the “Funding Societies’ digital financing solutions effectively bridge the SME credit gap in South East Asia and we are confident that they will continue to lead the region’s digital lending industry and finance the future of these economies”.
“We are honoured to work with Samsung as an investor, as we find them a strategic and collaborative partner, in our journey to enable growth for SMEs and create wealth for lenders. We will continue to strive to be a digital finance provider of choice and to make a positive impact in our home countries across South East Asia,”
said Kelvin Teo, Co-Founder and Group CEO of Funding Societies.
Funding Societies, which was founded by Kelvin Teo and Reynold Wijaya in 2015, is an SME digital financing platform that connects SMEs in Singapore, Indonesia, and Malaysia with retail and institutional lenders. As of November 2020, it has given out more than SGD$1.8 billion across 3.3 million loans.
Featured image: (Left to right): Kelvin Teo, Co-founder and Group CEO; Reynold Wijaya, Co-founder