Funding Societies: RM600m disbursed to SMEs in S-E Asia
KUALA LUMPUR: Funding Societies Group has disbursed more than RM600 million in working capital to nearly 7,000 small and medium enterprises (SMEs) in Southeast Asia since its establishment.
In a statement yesterday, the group said the RM600 million milestone was achieved last month, after having doubled its total disbursement for SMEs in Malaysia, Singapore and Indonesia in six months.
The platform provides a range of financing products to support SMEs, such as invoice financing to address cash flow problems and micro-financing through its mobile app FS Bolt.
Since the beginning of the year, Funding Societies Malaysia’s contribution to total disbursement rose to nearly 400 per cent.
Currently, it holds a more than 50 per cent domestic market share in the rapidly growing peerto-peer (P2P) financing sector.
Funding Societies Malaysia chief executive officer Wong Kah Meng said the group wanted to consistently support growth of SMEs as they played a vital role in boosting the economy.
“Increasing awareness of alternative finance, including through digital platforms like Funding Societies, have contributed to our success in meeting the economic needs of underserved SMEs.
“We foresee the demand for alternative finance to grow stronger as awareness builds further. Going forward, we want to widen access to working capital financing to even more SMEs in Malaysia and Southeast Asia.
Funding Societies is the first and largest P2P financing platform in Malaysia. It also operates in Singapore and Indonesia (under the local name Modalku).
Funding Societies is registered with the Securities Commission.
The company raised US$10 million (RM41 million) in its Series A funding in August 2016 and another US$25 million from its Series B Funding in April, the largest in Southeast Asia.