2020, a year like no other, was a whirlwind to say the least. With the global pandemic leaving its mark on history and overhauling life as we know it, Funding Societies too, had quite a year to remember. We turned 5 years old in 2020 – marking a significant milestone for us. We held on to our position as the leading SME digital lending platform in the local market – affirming our purpose as a company and is testament to the positive impact we have created.
It is no secret that SMEs face huge difficulties in getting access to financing. To bridge the financing gap, Funding Societies disbursed a whopping SGD$834.12M in new financing to SMEs within the region in 2020 alone!
On top of that, we expanded our product lines and launched our Guaranteed Property-backed investment product. This effectively doubled our Guaranteed Returns Investment Portfolio. We currently offer 6 different types of investment products. Furthermore, we had no defaults in the Property-backed and Guaranteed Investment line of products during the time of global downturn. As we progress, we hope to continue catering to the needs of SMEs as well as diversifying our products for investors.
Tech and mobile advancements have always been a priority for us. In a bid to streamline the registration process for our investors, we launched MyInfo integration that enabled investors to register for Funding Societies using their SingPass for added convenience. We have also incorporated our referral system into our mobile app, allowing investors to have a seamless experience when sharing about us with their friends. This proved to be a success as 21% of all new investors were referred by friends and family!
After all, no man is an island. Throughout the year, we collaborated with amazing partners such as Singapore’s leading procure-to-pay platform SGeBIZ, allowing SME owners easy access to loans and financing solutions. Across the border, Funding Societies Malaysia landed a partnership with Razer Fintech, the fintech arm of Razer to offer short-term business financing to merchants under Razer Merchant Services. On top of that, our group company FS Capital received ESG approval as a Participating Financial Institution (PFI) under Enterprise Singapore’s (ESG) Enterprise Financing Scheme, a win for Funding Societies as well as a step in the right direction for the country in its mission to liberalise the financial ecosystem.
We are heartened by the immense trust we have received from SMEs and investors alike. We have been awarded with the 2020 Asia-Pacific Stevie Awards – the only FinTech in SouthEast Asia to have won a Stevie this year! We are humbled to have also been recognised by IDC Financial Insights as the Top 5 Fastest Growing FinTechs in Singapore. Our achievements are not limited to Singapore alone, Modalku Indonesia was also awarded Indonesia’s most popular digital financial brands! It is with your support and that we are able to break new ground and reach greater heights.
Needless to say, as a company with humble beginnings, our people are the backbone of our operations. This year, we are pleased to welcome Frank Stevenaar, our Chief Financial Officer, hailing from the likes of GoBear and KPMG.
With our mission to serve SMEs and uplift societies in Southeast Asia, we couldn’t have made it this far without your support! As we continue to strive for more, we can’t wait to journey down this road with you and continue doing what we do best – together.