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Funding Societies Raises Us$294M To Fuel Expansion Plans In Southeast Asia

Feb 16, 2022•over 3 years ago

Amount Raised

$294 Million

PaymentsFinancial ServicesAppsMobile

Description

Funding Societies (which goes by Modalku in Indonesia), Southeast Asia's largest SME digital financing platform, today announced that it has raised* US$144 million in an oversubscribed Series C+ equity round led by SoftBank Vision Fund 2, with new investors notably Vietnamese tech giant VNG Corporation, Rapyd Ventures, Asia-based global investor EDBI, Indies Capital, K3 Ventures, and Ascend Vietnam Ventures. The company also received US$150 million in debt lines from institutional lenders across Europe, the United States, and Asia, some of which have been drawn down since 2021. This comes on the back of its US$45 million Series C raised between 2020 and 2021.

Company Information

Company

Funding Societies

About

Funding Societies | Modalku is the largest SME digital financing platform in Southeast Asia, expanding into a leading SME neobank. It is licensed and registered in Singapore, Indonesia, Thailand, Malaysia, and operating in Vietnam. It is backed by SoftBank Vision Fund, SoftBank Ventures Asia, Sequoia Capital India, Alpha JWC Ventures, SMBC Bank, Samsung Ventures, BRI Ventures, Endeavor, SGInnovate, Qualgro, and Golden Gate Ventures amongst others. The FinTech company provides business financing to small and medium-sized enterprises (SMEs), annualising US$1 billion disbursement in 2021. 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 ASEAN Startup of the Year by Global Startup Awards in 2020. In 2021, it was honorably mentioned as Responsible Digital Innovator of the Year by World Bank IFC SME Finance Forum and won the MAS Fintech award for the second time. https://fundingsocieties.com/

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