What Will $35 Quadrillion Zimbabwe Dollars Get You?
Funding Societies Hits SGD 200 Million in SME Crowdfunding 200 Sgd To Usd
/PRNewswire/ -- Funding Societies, the leading peer-to-peer (P2P) lending platform in
mark in total crowdfunded SME loans. This achievement came just 6 months after crossing
in January this year. In the same period, its investor base has also increased from about 40,000 to 75,000, indicating strong demand from investors to support local SMEs while diversifying their investment portfolio.
Funding Societies provides business financing to underserved SMEs for their working capital and expansion needs across
. This is done through its digital marketplace platform where retail and institutional investors come together to lend to the SMEs. Businesses can avail loans ranging from just
and with a quick turnaround time, as fast as 2 hours for loan approval and 24 hours for SMEs to receive the funds. On the other spectrum, investors who lend to the SMEs through the platform receive up to 14% per annum in returns and can invest starting from just
Funding Societies has achieved a notable track record of less than 1.5% in default rate, one of the lowest in the region
, up from just 14% in 2015. This problem is further compounded, with
81% of these Singapore SMEs experiencing delayed payments from their customers
, a jump from just 14% in the previous year. The problem of cash flow management faced by SMEs is an issue that needs to be addressed. Funding Societies is committed to support SMEs by providing more flexible business loans to suit the financing needs of these SMEs.
Funding Societies has been innovating to serve SMEs. In 2016, it launched FS Bolt, a
meant for micro and young businesses. Funding Societies was also
the first FinTech firm to adopt MyInfo under GovTech's initiative
, to simplify SMEs' loan application process. In the last few months, Funding Societies introduced Property-backed Secured Loans as well as an enhanced version of Invoice Financing where based on past aging, for well-paying debtors, the tenor can be extended up to 120 days.
Most SMEs Funding Societies has funded come from diverse sectors and do not receive adequate financing through traditional options. Others have existing bank loans but approach Funding Societies for fast and short-term bridging loans. The speed of crowdfunding is fast with loan campaigns getting funded within minutes for small loans to a few hours for larger loans. The efficient crowdfunding reflects a strong demand by local investors and provides SMEs access to funds in a shorter time frame.
led by SoftBank Ventures Korea, Funding Societies raised
million, the largest for a peer-to-peer lending platform in
. The funding round was supported by global and local investors like Sequoia India and Golden Gate Ventures.
commented, "It took 30 months to achieve our first
. But the industry is still nascent. We'd continue to focus on serving SMEs' and investors' needs." Teo was recently recognised amongst the Top 200 FinTech influencers in
Funding Societies has earned many local as well as global awards and recognition over the last one year. Its Indonesian entity Modalku won the Global SME Excellence Award from United Nations' ITU Telecom late last year - the first and only Asian startup to win the award. Funding Societies has earlier won the Fintech Award from Monetary Authority of
(MAS) and was recently recognised amongst the Best 50 Companies to Work for globally by Silicon Review. The local and international awards highlight the impact of financial technology on SMEs and society as a whole.
Founded in early 2015, Funding Societies is a licensed digital lending platform that connects small and medium-sized enterprises ("SMEs") with retail and institutional lenders. It has achieved numerous milestones in a short span of time, including
Series B funding round led by SoftBank Ventures Korea and supported by Sequoia India, Alpha JWC Ventures and Golden Gate Ventures. Funding Societies has expanded into
#1 digital lending platform. Through its searing growth, Funding Societies | Modalku remains dedicated to the vision of funding underserved SMEs and improving societies in
Markets Insider and Business Insider Editorial Teams were not involved in the creation of this post.
The Trump administration is throwing $4.7 billion at US farmers to try and make up for the trade war pain »
REPORT: Mark Carney has been asked to extend his term as Bank of England governor as Brexit looms »
Funding Societies Hits SGD 200 Million in SME Crowdfunding
* Copyright © 2018 Insider Inc. and finanzen.net GmbH
. All rights reserved. Registration on or use of this site constitutes acceptance of our
0 Reviews:
Post Your Review