Funding Societies Secures US$27 Million Debt Financingby Fintech News Singapore September 26, 2023
Funding Societies | Modalku, an SME digital financing platform in Southeast Asia, has raised US$27 million in debt financing.
The debt fundraise was led by Asia-focused private credit financier AlteriQ Global, with multi-family office Aument Capital Partners (ACP) and sustainability-focused fund Orange Bloom also participating in the round.
The funds will be used to provide tailored financing solutions to SMEs in the five markets that Funding Societies operates in namely Singapore, Malaysia, Indonesia, Thailand, and Vietnam.
Funding Societies has disbursed over US$3.2 billion in business financing and processed more than 5 million transactions, serving about 100,000 SMEs across the region.
The company also offers solutions beyond lending, such as payments and collections, to help SMEs solve their cash flow management challenges.
Kelvin Teo, Co-Founder and Group CEO of Funding Societies | Modalku said,
“We are delighted to receive this debt funding from such a diverse group of institutional investors, all of whom believe in our mission and growth story of serving Southeast Asia’s SMEs.
Amidst uncertain macroeconomic conditions, we continue to deepen our financing propositions across our five markets for more underserved SMEs, alongside existing and new partners.”
Zhi Yong Heng, Managing Partner of AlteriQ Global said,
“We found great synergy and potential with what Funding Societies has accomplished through the years with its diverse digital financing solutions, the quality of their team and the many SMEs they have served.
As one of the leading players in the digital financing space, this ties in very well with how AlteriQ Global strives to foster and provide a fully-integrated financing ecosystem. We look forward to supporting and collaborating with Funding Societies as they continue to grow in the region.”