Maybank Announces Strategic Investment in Funding Societies, Southeast Asia's Largest MSME Digital Finance Platform
Summary
It aligns with Maybanks M25+ strategic thrust, aiming to accelerate digitalisation through ecosystem orchestration within and beyond the banking sector.Established in 2015, Funding Societies is a regional financial technology company that specialises in providing financing to MSMEs. By leveraging our banking expertise alongside Funding Societies innovative digital platform, Maybank is committed to fostering a robust SME ecosystem and ensuring a brighter, more sustainable future for all.Co-founder and Group CEO of Funding Societies, Mr Kelvin Teo expressed, We are honoured by Maybanks support, reflecting a shared commitment to serve MSMEs in Southeast Asia. This partnership reaffirms our dedication to extending credit access to underserved MSMEs that face cash flow management challenges an area we are progressively expanding to help these businesses fulfil their business potential.About MaybankMaybank is among Asias leading financial groups and Southeast Asias fourth largest bank by asset with close to 44,000 employees worldwide. With a purpose to Humanise Financial Services and guided by its M25+ strategy, Maybank provides any array of value-based solutions established on sustainable and ethical principles to meet its customers evolving needs. In recent years, it has made strategic milestones including its acquisition of regional digital payments platform CardUp and co-investment into Bank Index in Indonesia.Funding Societies | Modalku is backed by SoftBank Vision Fund 2, Khazanah Nasional Berhad, CGC Digital (the digital arm of the Credit Guarantee Corporation Malaysia Berhad), SBVA (previously SoftBank Ventures Asia), Peak XV Partners (previously Sequoia Capital India), Alpha JWC Ventures, SMBC Bank, BRI Ventures, VNG Corporation, Rapyd Ventures, Endeavor, EBDI, SGInnovate, Qualgro, and Golden Gate Ventures among others.It has received accolades through the years including: Brands for Good (2019, 2023), Global SME Excellence Award, Global SME Finance Awards by IFC (2021-2023) Global Startup Awards (2020), MAS FinTech Award (2016, 2021), Singapores Fastest-Growing Companies 2024 (a list of 100 companies compiled by The Straits Times and Statista), High-Growth Companies in Asia-Pacific 2024 (a list of 500 companies compiled by the Financial Times and Statista).For more information, please visit: www.fundingsocieties.com