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Funding Societies Raises $25 Million to Boost Capital for SMEs in Southeast Asia
In a significant move, Funding Societies has announced the closure of its latest funding round, securing $25 million to further boost capital for small and medium-sized enterprises (SMEs) in Southeast Asia. This development comes as part of the fintech company’s efforts to strengthen its position in the region.
According to an e-Conomy SEA Report 2024, digital financial services in Southeast Asia are expected to rise, with digital lending leading the way and making up about 65% of the total revenue. This growth is fueled by the increasing demand for credit among SMEs, who require access to capital to drive their businesses forward.
In this challenging environment, Funding Societies has emerged as a market leader in Southeast Asia, having secured $144 million in funding from SoftBank Vision Fund 2 in February 2022. The company’s recent acquisition of Sequoia-backed payments fintech CardUp and investments in other companies further solidify its position.
The startup’s commitment to supporting SMEs in the region has been reflected in its social and economic impact report, conducted with the Asian Development Bank (ADB) in 2020. According to the study, Funding Societies-backed MSMEs contributed $3.6 billion to GDP and created approximately 350,000 new jobs.
In a statement, Funding Societies’ co-founder and CEO, Samuel Teo, emphasized the company’s commitment to supporting SMEs in Southeast Asia, stating that “We want to pay it forward.”
Source: techcrunch.com
