Post by habibkhan23 on Mar 13, 2024 0:00:31 GMT -8
Another level of success! Funding Societies raises $294 million to expand business in Southeast Asia Southeast Asia's Largest SME Digital Funding Platform Raises US$144 Million in Series C+ Equity Funding The subscribers are leading companies abroad who have subscribed in the total amount. and received a debt line worth USD 150 million. from various financial institutions in Europe, the United States, and Asia SoftBank Vision Fund 2 led the round, joined by VNG, Rapyd Ventures, EDBI, Indies Capital, Ascend Vietnam Ventures and existing shareholders Sequoia Capital India and BRI Ventures. The company operates in 5 countries in Southeast Asia. To have allocated more than US$2 billion in business capital to MSMEs through over 4.9 million loan transactions. Funding Societies (also known as Modalku in Indonesia) is the largest digital funding platform for SMEs in Southeast Asia. Announcement of successful equity fundraising* of US$144 million in Series C+ shares, which were oversubscribed (oversubscribed) subscription) led by SoftBank Vision Fund 2, with new investors including VNG Corporation, a Vietnamese tech giant, Rapyd Ventures, EDBI, a global investor in Asia, Indies Capital, K3 Ventures, and Ascend Vietnam Ventures. All of the above are overseas companies. and received a loan line of another 150 million US dollars. from various credit institutions in Europe, the United States, and Asia, which have already used the proceeds to release financing in the form of loans to MSMEs since the beginning of 2021.
Funding is through both stock trading and loan transactions. This Series C+ round comes on FL Number the heels of our $45 million Series C round in 2020 to 2021. The funds raised further solidify Funding Societies' position as a market leader in digital capital. and is an important force in driving other services such as Expense management and B2B payment services for MSMEs across Southeast Asia. This fund raising also gives the company Shares can be bought back from former employees and current employees whose shares have been distributed under the Company's Employee Stock Option Plan if such employees wish to repurchase shares. with a total value of approximately $16 million. Funding Societies was founded in 2015 by Kelvin Teo and Reynolds Wijaya while studying at Harvard University. To promote MSMEs in Southeast Asia The company helps solve important business weaknesses for MSMEs to create growth. It starts with a $300 billion fiscal gap in the region. Although small enterprises account for nearly 99% of all enterprises in Southeast Asia, But these enterprises still face many obstacles in obtaining business financing from traditional financial institutions because they do not have a credit history or are unable to provide collateral to secure repayment. Funding Societies offers micro-financing from $500 to $1.5 million which can be withdrawn within 24 hours. This method can respond to MSMEs who face barriers in accessing business finance in a timely manner.
Funding Societies has opted out of traditional corporate supply chain approaches to financial services, instead differentiating itself by being a one-stop shop for SME financing, offering a loan model that Use AI technology and products that create added value for financially underserved businesses. The most recent impact study** found that, based on calculations using the Asian Development Bank methodology, MSMEs supported by Funding Societies contributed US$3.6 billion to GDP. Having operated for the past 7 years, the company currently holds business licenses in four countries across the region: Singapore, Indonesia, Malaysia, Thailand, and also has operations in Vietnam. until now The company has allocated more than $2 billion in business financing to MSMEs through more than 4.9 million transactions in Southeast Asia. Varun Bhandari, CEO of Funding Societies Thailand, said, “MSMEs are considered the backbone of the Thai economy. It contributes to more than 40% of GDP and creates up to 80% of total employment. We are honored that our shareholders continue to place their trust in us. which proves that Our business model is the leading funding platform for SMEs in the region. We are committed to continuing to drive financial inclusion. With this latest round of funding, Funding Societies moves beyond SME lending to neobanking and virtual credit in response to the evolving needs of small businesses and Thai entrepreneurs" “SMEs across Southeast Asia have experienced difficulties in accessing financial institutions.
Funding is through both stock trading and loan transactions. This Series C+ round comes on FL Number the heels of our $45 million Series C round in 2020 to 2021. The funds raised further solidify Funding Societies' position as a market leader in digital capital. and is an important force in driving other services such as Expense management and B2B payment services for MSMEs across Southeast Asia. This fund raising also gives the company Shares can be bought back from former employees and current employees whose shares have been distributed under the Company's Employee Stock Option Plan if such employees wish to repurchase shares. with a total value of approximately $16 million. Funding Societies was founded in 2015 by Kelvin Teo and Reynolds Wijaya while studying at Harvard University. To promote MSMEs in Southeast Asia The company helps solve important business weaknesses for MSMEs to create growth. It starts with a $300 billion fiscal gap in the region. Although small enterprises account for nearly 99% of all enterprises in Southeast Asia, But these enterprises still face many obstacles in obtaining business financing from traditional financial institutions because they do not have a credit history or are unable to provide collateral to secure repayment. Funding Societies offers micro-financing from $500 to $1.5 million which can be withdrawn within 24 hours. This method can respond to MSMEs who face barriers in accessing business finance in a timely manner.
Funding Societies has opted out of traditional corporate supply chain approaches to financial services, instead differentiating itself by being a one-stop shop for SME financing, offering a loan model that Use AI technology and products that create added value for financially underserved businesses. The most recent impact study** found that, based on calculations using the Asian Development Bank methodology, MSMEs supported by Funding Societies contributed US$3.6 billion to GDP. Having operated for the past 7 years, the company currently holds business licenses in four countries across the region: Singapore, Indonesia, Malaysia, Thailand, and also has operations in Vietnam. until now The company has allocated more than $2 billion in business financing to MSMEs through more than 4.9 million transactions in Southeast Asia. Varun Bhandari, CEO of Funding Societies Thailand, said, “MSMEs are considered the backbone of the Thai economy. It contributes to more than 40% of GDP and creates up to 80% of total employment. We are honored that our shareholders continue to place their trust in us. which proves that Our business model is the leading funding platform for SMEs in the region. We are committed to continuing to drive financial inclusion. With this latest round of funding, Funding Societies moves beyond SME lending to neobanking and virtual credit in response to the evolving needs of small businesses and Thai entrepreneurs" “SMEs across Southeast Asia have experienced difficulties in accessing financial institutions.