Funding Societies Reaches Record Milestone Of RM13.4 Billion In Transactions

Funding Societies announced that it has achieved US$3 billion (RM13.4 billion) over more than 5 million transactions of business financing to small and medium-sized enterprises (SMEs) across the region.

The fintech startup has a footprint across five countries in Southeast Asia and almost 100,000 SMEs have benefited from access to its financing. In Malaysia, it has disbursed RM2 billion in financing since its inception in 2017 and has tripled its Gross Transaction Value (GTV) year-on-year through its proprietary solutions.

Kelvin Teo, Co-founder & Group Chief Executive Officer, Funding Societies | Modalku said, “in Southeast Asia, we’ve raised our Series C+; scaled up in Thailand and Vietnam; deepened localised financing propositions; secured our first credit line from a global commercial bank HSBC with US$50 million (RM224 million), entered into payments with CardUp and investment into Bank Index, because SMEs’ needs extend beyond financing.”

“While there are macro headwinds this year, we are optimistic to continue growing sustainably, as we did during COVID-19. We will continue to stay nimble, innovate, and scale up in financing, payments and other financial services – catering to various pain points of  SMEs,” Teo added.

In May 2022, Funding Societies introduced its first Shariah-compliant Trade Financing solution based on Commodity Murabahah via Tawarruq, allowing SMEs to access a credit line of up to  RM1 million – at zero collateral. We are working to launch our Shariah-compliant micro & term financing this month, expanding our Shariah financing propositions across our product offerings, in line with our focus to grow our leadership in Islamic Finance. On the investor side, the FinTech platform introduced its Guaranteed Investment Notes (GIN) which provide investors with a return of up to 8% p.a.

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