Press Release 2022: Funding Societies raises US$294m to fuel expansion plans in Southeast Asia
Summary
Funding Societies was founded in 2015 by Kelvin Teo and Reynold Wijaya out of Harvard Business School to empower MSMEs in Southeast Asia. Instead of using a traditional corporate supply chain approach to financial inclusion, Funding Societies has differentiated itself as a one-stop shop in SME financing with an AI-led credit model and value-added products to under-served businesses. “Funding Societies is establishing a bridge for these companies to access more sustainable and cheaper financing by building unique data sets on their performance and using AI-led technology to assess their creditworthiness more effectively than traditional models. Since 2019, Funding Societies has expanded its suite of financial services beyond lending and plans to bring its operations to more locations in Southeast Asia within the next 12 months. In 2021, it was honorably mentioned as Responsible Digital Innovator of the Year by World Bank IFC SME Finance Forum and won the MAS Fintech award for the second time.