Kindrik Partners advises Funding Societies on series C+ financing
Kindrik Partners is pleased to have advised digital financing platform Funding Societies on its US$144 million series C+ funding round. The investment round was led by SoftBank Vision Fund 2, with participation from VNG Corporation, Rapyd Ventures, EDBI, Indies Capital, K3 Ventures and Ascend Vietnam.
Funding Societies is the largest SME digital financing and debt investment platform in Southeast Asia. The company provides loans ranging from $500 to $1.5 million to small and medium-sized ranging from neighbourhood stores to high-growth start-ups. Since its launch in 2015, it has lent more than $2 billion in business financing via over 4.9 million loans.
Small and medium enterprises across Southeast Asia have historically struggled to access finance and Funding Societies has established itself as a key platform to provide sustainable finance for such businesses, utilising AI credit scoring technology.
The fundraising will enable further expansion beyond its current markets of Singapore, Indonesia (where it is known as Modalku), Malaysia and Thailand, with the Philippines now in Funding Societies sights. The capital raised will also enable further development of the technology platform.
Partner Lee Bagshaw says:
Digital financing platforms continue to scale rapidly as they serve the funding needs of SMEs in Southeast Asia. Funding Societies has grown rapidly in its seven years and is one of regions fintech stars. Kindrik Partners is therefore particularly delighted to have assisted on this latest venture financing round.