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Pending

ACRA
PPT
Financial Statement
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Technology For Good

Funding Societies Pte Ltd

About the Company:

Funding Societies | Modalku (FSMK) was founded in 2015 by Kelvin Teo and Reynold Wijaya with the vision to support the millions of underserved and unserved MSMEs in Southeast Asia through technology driven financing solutions. They leveraged debt-based crowdfunding, enabled by digital platforms that connects borrowers with investors without going through a traditional financial intermediary. Through this two-sided platform, retail investors lend to borrowers (ie. MSMEs) as a form of investment starting from S$20, and the interest earned from it serves as their returns. The FinTech is licensed in Singapore, Indonesia, Thailand, and registered in Malaysia, and backed by Sequoia India, Softbank Ventures Asia Corp, BRI Ventures, Alpha JWC Ventures, SGInnovate, Endeavor, Qualgro, LINE, and Golden Gate Ventures, among others.

In Southeast Asia, MSMEs constitute 99% of enterprises and contribute towards 3 out of 4 jobs in the region. Despite this, funding remains a big challenge for them because they have a low to zero credit track record and lack of assets to pledge, failing to meet the credit criteria of traditional financial institutions. As a result, there is a US$320 billion MSME funding gap throughout Southeast Asia today according to the World Bank IFC’s estimates. This means 51% of the region’s MSMEs remain largely underserved.

 

With the purpose of serving the underserved SMEs of Southeast Asia and creating “Stronger SMEs, Stronger Societies”, Funding Societies has leveraged its MSME growth financing technique to offer unsecured business financing ranging from S$5000 to S$2 million through quick and efficient loan disbursal and customisable financing options.

 

In 6 years, it has helped finance over 4 million business loans with over S$2 billion in funding. It was given the MAS FinTech Award in 2016, the Global SME Excellence Award at the United Nations’ ITU Telecom World in 2017, KPMG Fintech100 in 2018, Brands for Good in 2019, and in 2020 recognised by IDC as amongst the 5 fastest growing FinTechs in Singapore, won the Stevie® Award for Innovation in Technology, and named ASEAN Startup of the Year by Global Startup Awards.

Name

Funding Societies Pte Ltd

ACRA

201505169M

Website

Phone

6221 0958

Year
Founded

2015

Address

112 Robinson Road #08-00

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About the Founder / Director:

Director's Quote:

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