Funding Societies Thailand Surpasses THB 1 Billion in Loan Disbursementsby Fintech News Singapore November 30, 2022
Funding Societies a Southeast Asian Small and Medium Enterprises (SME) digital financing platform, announced that its Thai business has reached THB 1 billion (US$ 27.8 million) in loan disbursements for year-to-date (YTD) 2022.
The company said that it is looking to expand into new business segments to reach over THB 2 billion (US$ 55.6 million) in loan disbursements in the next year.
This announcement comes on the heels of Funding Societies’ acquisition of regional digital payments platform CardUp which is subject to regulatory approvals and the signing a credit facility of US$50 million with HSBC.
Funding Societies has disbursed loans of over US$2.9 billion through more than 5.1 million transactions across the region.
Kelvin Teo, Co-founder and Group CEO of Funding Societies | Modalku said,
“Reaching the THB1 billion milestone is a testament to market need, Thai SMEs’ faith in us and our Thai team’s effort.
Thailand is a key market for us, as we continue to empower SMEs in Southeast Asia to grow their businesses through good and bad times, serving their financing and non-financing needs.”