Funding Societies
Funding Societies, also known as Modalku in Indonesia, is Southeast Asia’s leading digital financing platform. Established in 2015 by Kelvin Teo and Reynold Wijaya during their studies at Harvard Business School, the company connects small and medium-sized enterprises (SMEs) with investors. It operates in Singapore, Indonesia, Malaysia, Thailand, and Vietnam, providing accessible and innovative financing solutions.
Mission and Vision
Funding Societies aims to empower SMEs by offering fast, transparent, and flexible financial services. Its mission is to close the financing gap for businesses underserved by traditional banks. The company envisions a thriving economy where SMEs have access to the resources they need to grow sustainably.
Diverse Financing Options
The platform provides various financing solutions tailored to different SME needs:
- Term Loans: Medium-term loans to support business expansion and growth.
- Invoice Financing: Unlocking funds tied up in unpaid invoices for better cash flow.
- Microloans: Affordable, short-term credit options for smaller enterprises.
- Revolving Credit Lines: Flexible funding that businesses can access when needed.
These options are designed to cater to the dynamic requirements of SMEs, ensuring they have the financial tools to succeed.
Focus on Technology
Technology is central to Funding Societies’ approach. The platform uses advanced data analytics to evaluate creditworthiness, reducing risks and ensuring efficient processes. Additionally, it offers FS Bolt, a mobile app that simplifies loan applications, making funding more accessible. By prioritizing security and transparency, the company enhances trust among its users.
Key Achievements
Funding Societies has made remarkable progress since its inception:
- Loan Disbursements: It has disbursed over $2.6 billion through 5.1 million transactions, empowering countless SMEs.
- Successful Fundraising: In February 2022, it raised $294 million in a Series C+ round led by SoftBank Vision Fund 2, bringing total funding to $390 million.
- Regional Expansion: The company is licensed in four Southeast Asian countries, setting it apart from competitors.
- Recognition: It has received numerous awards for innovation and contributions to financial inclusion.
These accomplishments highlight the platform’s dedication to driving economic growth in the region.
Collaborations and Ecosystem Building
Funding Societies actively collaborates with banks, fintech companies, and regulators. These partnerships enhance its ecosystem and enable the company to meet evolving market demands. The collaborative approach ensures that SMEs can access comprehensive support, improving their chances of success.
Economic Impact
By addressing financing challenges, Funding Societies contributes significantly to Southeast Asia’s economic development. SMEs are the backbone of the region, providing employment and driving GDP growth. By empowering them, the company fosters job creation, innovation, and resilience.
Conclusion
Funding Societies has redefined SME financing in Southeast Asia through its commitment to innovation and inclusion. Its user-friendly platform, diverse financial products, and strategic collaborations have made a lasting impact.
As the company continues to grow and evolve, it remains a vital force in empowering SMEs. With its focus on technology and partnerships, Funding Societies ensures that today’s SMEs can thrive and drive the economies of tomorrow.
