Apr 18, 2018:
The first and largest peer-to-peer (P2P) financing platform in Malaysia, Funding Societies, has raised RM100 million in Series B funding. Led by Softbank Ventures Korea, the funding round also includes existing investors Sequoia India, Alpha JWC Ventures (Indonesia) and Golden Gate Ventures. Qualgro and LINE Ventures also participated in this over-subscribed round. Additionally, the platform has raised credit lines from banks and financial institutions to further support SMEs. This fundraise, largest by a P2P lending platform in Southeast Asia, will help realize Funding Societies’ vision of financial inclusion for Southeast Asia.
Softbank Ventures Korea, an early stage venture capital arm of Softbank Group famous for its US$ 100B Vision Fund, invested the lion share in this fundraise.
This marks the largest funding round raised by a P2P financing platform in Southeast Asia. Funding Societies, which was founded by Kelvin Teo and Reynold Wijaya, is a P2P lending platform that connects small and medium-sized enterprises ("SMEs") in Malaysia, Singapore, and Indonesia with retail and institutional investors. The platform has disbursed more than RM400 million in financing to SMEs across Southeast Asia whilst maintaining one of the lowest default rates of less than 1.5%. The platform has an investor base of more than 60,000 investors across the region.
Wong Kah Meng, CEO of Funding Societies Malaysia, said he was humbled by the trust and support they have received from all our investors, SMEs, regulators, partners and renowned shareholders.
Sean Lee, Partner and Managing Director, Softbank Ventures Korea said he was impressed to witness the achievement of Funding Societies within a brief period of time and poised to maintain as the no.1 player.
Pieter Kemps, Principal, Sequoia Capital (India) Singapore, said both Kelvin and Rey demonstrated ability to drive the company into a large and enduring enterprise albeit having little experience.
Launched in early 2017 in Malaysia, Funding Societies is the first and largest P2P financing platform in Malaysia. Funding Societies connects SMEs with investors through an online marketplace, thereby increasing access to financing for SMEs.
An estimate cited by the Securities Commission (SC) reveals a significant RM80 billion gap in SME financing in Malaysia. Hence, alternative financing platforms such as Funding Societies play a key role in supporting the financing needs of both unserved and underserved SMEs by connecting them with individuals and institutional investors both locally and globally.
The first and largest peer-to-peer (P2P) financing platform in Malaysia, Funding Societies, has raised RM100 million in Series B funding. Led by Softbank Ventures Korea, the funding round also includes existing investors Sequoia India, Alpha JWC Ventures (Indonesia) and Golden Gate Ventures. Qualgro and LINE Ventures also participated in this over-subscribed round. Additionally, the platform has raised credit lines from banks and financial institutions to further support SMEs. This fundraise, largest by a P2P lending platform in Southeast Asia, will help realize Funding Societies’ vision of financial inclusion for Southeast Asia.
Softbank Ventures Korea, an early stage venture capital arm of Softbank Group famous for its US$ 100B Vision Fund, invested the lion share in this fundraise.
 |
| The crowdfunding market is bigger than you know it |
This marks the largest funding round raised by a P2P financing platform in Southeast Asia. Funding Societies, which was founded by Kelvin Teo and Reynold Wijaya, is a P2P lending platform that connects small and medium-sized enterprises ("SMEs") in Malaysia, Singapore, and Indonesia with retail and institutional investors. The platform has disbursed more than RM400 million in financing to SMEs across Southeast Asia whilst maintaining one of the lowest default rates of less than 1.5%. The platform has an investor base of more than 60,000 investors across the region.
 |
| Wong Kah Meng, CEO, Funding Societies Malaysia |
Sean Lee, Partner and Managing Director, Softbank Ventures Korea said he was impressed to witness the achievement of Funding Societies within a brief period of time and poised to maintain as the no.1 player.
Pieter Kemps, Principal, Sequoia Capital (India) Singapore, said both Kelvin and Rey demonstrated ability to drive the company into a large and enduring enterprise albeit having little experience.
Launched in early 2017 in Malaysia, Funding Societies is the first and largest P2P financing platform in Malaysia. Funding Societies connects SMEs with investors through an online marketplace, thereby increasing access to financing for SMEs.
An estimate cited by the Securities Commission (SC) reveals a significant RM80 billion gap in SME financing in Malaysia. Hence, alternative financing platforms such as Funding Societies play a key role in supporting the financing needs of both unserved and underserved SMEs by connecting them with individuals and institutional investors both locally and globally.
Comments