Funding Societies just announced a successful S$10.3 million (US$7.5 million) in Series A funding. The investment round was led by Sequoia India, which is part of the Sequoia Venture Capital group.
Let's Crowd Smarter believes that this has been one of the largest funding round alongside with New Union's announcement of S$10 million investment earlier this year as well.
Expansion into Indonesia
This financing round will help Funding Societies expand deeper into the Indonesian market. They have been operating in the region since January this year under the name of Modalku (My Capital in Bahasa). Till date, they have facilitated 10 billion rupiah (about US$760,000) worth of loans with 0-per cent default as stated on their website.
Reynold Wijaya who co-founded the company together with Kelvin Teo, commented,
"Stronger SMEs build a stronger Indonesia. With the latest funding round, we will accelerate our mission of empowering SMEs all throughout Indonesia, starting from our expansion into Bandung next month."
Peiter Kemps, VP at Sequoia, also commented, "..they have grown fast by effectively meeting the needs of both SME’s and lenders. Funding Societies is well positioned to emerge as a leading P2P platform in the region and Sequoia is delighted to support them in this endeavor”
So far, Funding Societies have facilitated about $8.7 million loans with a default rate of 2.32% (stated from their website)
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Image Source: Pixabay
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