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Kindrik Partners advises Funding Societies on series C+ financing
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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.
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Kindrik Partners advised VC firm Illuminate Financial on its investment in Singapore-based AI-driven data processing and automation company bluesheets. Illuminate led the US$6.5 million series A round. Other returning investors included Insignia Ventures Partners, Antler Elevate, and 1982 Ventures.
Illuminate invests in B2B fintech and enterprise software companies that build solutions for the financial services industry. Backed by global financial institutions such as Citi, JP Morgan, Barclays, Jefferies, Singapore Exchange Group, and BNY Mellon, Illuminate uses its extensive network and industry knowledge to help their portfolio companies achieve their full potential in addition to providing capital.
bluesheets offers AI-driven data processing and workflow automation software that helps businesses digitise and automate their bookkeeping processes. It plans to use the funds to further enhance its AI capabilities and accelerate growth in key APAC markets, including Singapore, Thailand, ANZ, and Hong Kong.
We’re happy to have advised Singapore-based synthetic data company Betterdata on an oversubscribed seed round of $1.65 million, led by Investible.
The company was founded in 2021 by Dr. Uzair Javaid and Kevin Yee and allows clients to share data faster and more securely in compliance with stricter data privacy regulations being introduced around the world. Betterdata uses generative AI to convert real data into synthetic data that looks, feels, and behaves like real datasets. These synthetic datasets retain the structure and correlations of the original data while eliminating the privacy and security concerns that come with holding and sharing sensitive data.
Betterdata plans to use the funding to publicly launch its product, hire more staff as the company scales, and improve its technology stack, with the aim of providing support for single-table, multi-table, and time-series datasets. The company also plans to expand across the Asia-Pacific region over the next two years.
