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American Focus > Blog > Tech and Science > ‘We want to pay it forward’: Funding Societies raises $25M to boost capital for SMEs in Southeast Asia
Tech and Science

‘We want to pay it forward’: Funding Societies raises $25M to boost capital for SMEs in Southeast Asia

Last updated: December 18, 2024 5:52 pm
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‘We want to pay it forward’: Funding Societies raises M to boost capital for SMEs in Southeast Asia
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Empowering Southeast Asian SMEs: The Success Story of Funding Societies

Small and medium-sized enterprises (SMEs) play a crucial role in driving economic growth in Southeast Asia, contributing to job creation, innovation, and overall GDP expansion. However, these businesses often face challenges when it comes to accessing sufficient working capital. Traditional banks consider SMEs too risky to lend to, leading to high interest rates or outright rejections.

Recognizing this gap in the market, Kelvin Teo and Reynold Wijaya, two entrepreneurs from Southeast Asia with a shared passion for making a difference, founded Funding Societies. This Singapore-based SME lending platform operates in Indonesia, Malaysia, Thailand, and Vietnam, providing much-needed financial support to over 100,000 businesses in the region.

The recent injection of $25 million in equity funding from Cool Japan Fund (CJF), Japan’s sovereign wealth fund, marks a significant milestone for Funding Societies. This investment, coupled with previous funding rounds totaling approximately $250 million, underscores the platform’s commitment to supporting SMEs across Southeast Asia.

With a diverse range of financing options available, including term loans, micro-loans, and asset-backed business loans, Funding Societies caters to the unique needs of businesses at different stages of growth. The platform’s one-stop-shop approach sets it apart from competitors, offering a seamless experience for SMEs seeking financial assistance.

As digital financial services continue to gain traction in Southeast Asia, Funding Societies is well-positioned to capitalize on this trend. The company’s expansion into the payments business, coupled with investments in AI to streamline lending processes, highlights its commitment to innovation and growth.

Since its inception in 2015, Funding Societies has facilitated over $4 billion in business financing, supporting thousands of SMEs and driving economic impact across the region. A recent collaboration with the Asian Development Bank (ADB) revealed that Funding Societies-backed MSMEs contributed $3.6 billion to GDP and created 350,000 new jobs, underscoring the platform’s positive social and economic influence.

See also  Political Attacks on Libraries Endanger Small-Town Democracy

Looking ahead, Funding Societies plans to further expand its reach in Southeast Asia, leveraging its strong financial backing and strategic partnerships to empower even more SMEs. By bridging the gap in access to working capital, Funding Societies is not only transforming the SME landscape but also driving sustainable economic growth in the region.

TAGGED:25MAsiaboostCapitalfundingPayraisesSMEsSocietiesSoutheast
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