Funding Societies (also known as Modalku in Indonesia), a Singapore-based peer-to-peer (P2P) lending platform, raised $25M in Series B funding.
The round was led by SoftBank Ventures Korea, with participation from existing investors Sequoia India, Alpha JWC Ventures (Indonesia) and Golden Gate Ventures as well as Qualgro and LINE Ventures. Additionally, the platform has raised credit lines from banks and financial institutions to further support SMEs.
Founded by Kelvin Teo and Reynold Wijaya in 2015, Funding Societies is a digital lending platform that connects small and medium-sized enterprises in Singapore, Indonesia and Malaysia with retail and institutional lenders. In January 2018, the platform crossed the SGD$100m mark in crowdfunded SME loans, while maintaining a default rate of less than 1.5%.
The platform has a lender base beyond 60,000 in less than 3 years of operation.