The raise comes on the back of investments from SGInnovate, BRI Ventures, and Endeavor among others.
Funding Societies, which works with SME to bridge the credit financing gap, has received an undisclosed investment from Samsung Venture in its latest funding round, the Singapore-based fintech announced on Wednesday.
As part of the partnership, Funding Societies will form a strategic alliance with Samsung Venture and Samsung's life insurance arm to introduce prospective partnerships and collaborations, the announcement said. Samsung Venture is the investment arm of South Korean technology conglomerate Samsung.
The fintech will use the funds to expand its technology team across the region and develop its strategic and new business models in its next stage of evolution, driving its vision of financial inclusion for SMEs in Southeast Asia. It said it has already has raised credit lines from Asian and European financial institutions to further fund small and medium enterprises.
Strong Growth
«We will continue to strive to be a digital finance provider of choice and to make a positive impact in our home countries across Southeast Asia,» Kelvin Teo, Funding Societies co-founder and CEO, said in a statement.
Funding Societies is Southeast Asia's largest SME digital financing platform, operating in Singapore, Malaysia and Indonesia, where it is known as Modalku.
As of November 2020, the platform has issued more than S$1.8 billion ($1.35 billion) across 3.3 million loans. The platform has also increased its individual lender base to 200,000 in just over 5 years of operation.
