Funding Societies, a Singapore-based peer-to-business lending marketplace, raised S$10m in Series A funding.
The round was led by Sequoia India with participation from Alpha JWC Ventures and other investors.
The company intends to use the funds to improve the customer experience and the services for borrowers and lenders, and comply with regulatory different rules in Singapore, Malaysia and Indonesia.
Founded in 2015 by Kelvin Teo, Funding Societies offers an online peer-to-business lending platform for SMEs to secure loans to accelerate their growth and for individual and institutional lenders to earn equitable returns from lending to Small-Medium Enterprises.
Since June 2015, the company had provided more than S$8.5 million in loans to about 100 SMEs in Singapore. Through its platform in Indonesia, called Modalku, it has also transacted about S$1m in loans for more than 30 SMEs in Indonesia.