Funding Societies Surpasses SGD 100 Million in SME Crowdfunding
SINGAPORE (JAN 24): Funding Societies recently just crossed the SGD 100 million mark in total crowdfunded SME loans across Singapore, Indonesia and Malaysia. As of 2018, this is the highest total crowdfunded amount achieved by any peer-to-peer lending platform in Southeast Asia.
To provide some context to what Founding Societies is, it is a licensed digital financing platform founded in 2015 by Reynold Wijaya and Kelvin Teo on the campus of Harvard Business School. In a short time, it has achieved several notable achievements which include a SGD 10 million Series A funding round led by Sequoia Capital and expansion into Indonesia and Malaysia. It has since grown into one of the largest digital financing platforms in Southeast Asia where they have the vision of funding undeserved SMEs for their capital and expansion needs and improving societies.
The Co-Founder and CEO of Funding Societies, Kelvin Teo (pictured below right) noted that Funding Societies has been gaining ‘global recognition for our efforts’, particularly in the areas of their loan mobile app FS Bolt and their chatbot Miyu. He also hopes to ‘work even closer with the SME community in 2018’, in line with their motto ‘Stronger SMEs, Stronger Societies’.
By raising SGD 100 Million in SME crowdfunding, it has overtaken other major peer-to-peer (P2P) lending platforms in Southeast Asia such as Moolah Sense which is backed by East Ventures and Pix Vine Capital, raising S$41.3 million in loans as of December 2017. With this milestone reached, Funding Societies establishes itself as the leading P2P lending platform in Southeast Asia.