Lending

Funding Societies Crosses US$ 3 Billion Milestone in SME Loan Disbursals

Southeast Asian SME digital financing platform Funding Societies | Modalku has crossed US$3 billion (S$4.1 billion) in disbursals of financing to SMEs with over 5 million transactions.

The company reported that it has disbursed loans to close to 100,000 SMEs across five countries in Southeast Asia.

Additionally, Funding Societies said that it has tripled its Gross Transaction Value (GTV) year-on-year through its proprietary solution Elevate, and its integration of CardUp’s payments solutions last year.

In 2022, Funding Societies had launched its virtual card Elevate in Singapore and has since has served nearly 2,000 SMEs who were able to get faster access to credit as the approval process takes one business day.

Combining Elevate or other cards SMEs have with CardUp, these businesses will be able to facilitate collections from their customers.

CardUp’s payments solutions will be introduced in stages across the other markets that Funding Societies operates in the next two years.

Additionally, Funding Societies had also introduced its first Shariah-compliant Trade Financing solution in Malaysia, allowing SMEs to access a credit line of up to RM1 million at zero collateral.

Kelvin Teo

Kelvin Teo, Co-founder and Group Chief Executive Officer, Funding Societies | Modalku said,

“2022 was a big year for Funding Societies despite the uncertain macro environment. Committed to empowering SMEs in Southeast Asia, we’ve raised our Series C+; scaled up in Thailand and Vietnam; deepened localised financing propositions; secured our first credit line from a global commercial bank HSBC with US$50 million, entered into payments with CardUp and investment into Bank Index, because SMEs’ needs extend beyond financing.”

Chai Kien Poon

Chai Kien Poon, Country Head, Funding Societies Malaysia said,

“We are proud of how the team in Malaysia carried us across another milestone: touching the RM2 billion disbursement mark within six years. In line with our commitment towards uplifting the local SMEs, we are looking to introduce new products this year, including extending our Islamic Financing offerings.””