Funding Societies is an online platform that connects investors with small businesses that need funds, solving the financial inclusion issue by making credit-worthy SMEs bankable.
Funding Societies was the first peer-to-peer lender in Singapore to engage an escrow agency to independently and safely manage investors’ funds.
Funding Societies was founded in 2015 by Kelvin Teo and Reynold Wijaya. The company is based in Singapore with operations in Singapore, Malaysia, and Indonesia. In Indonesia, we operate under the company name Modalku.
Funding Societies is a friendly online platform for SMEs to acquire loans to fuel their growth and for investors to crowdlend the SME loans and earn returns of up to 14% per annum.
Funding Societies operates an online platform that enables Small and Medium Business to seek funding for their growth from a pool of investors, through crowdfunding. The standard loan period ranges from 3 months to 2 years and borrowers can loan up to SGD$500,000.
Funding Societies through their proprietary-scoring model, make credit decisions on the applications. Approved applications will be assigned a credit score based on their scoring model, which will determine the payable interest rate. The Loans can be repaid at anytime. Only Singapore or Indonesian registered businesses can apply for a loan on their respective platforms.
Funding Societies is backed by investors including Softbank Ventures Korea, Sequoia Capital India, Golden Gate Ventures, Qualgro VC among others. The company raised $40M in a Series C round on Apr 17, 2020. This brings Funding Societies' total funding to $72.6M to date.
Funding Societies has been selected as the inaugural batch of participants to enrol in one of the best FinTech Accelerator in Asia, The SuperCharger FinTech Accelerator which was sponsored by heavy weights such as Standard Chartered Bank, Baidu and TusPark Global Network.