We’re only three months into 2022 and yet, we have so much to celebrate! Southeast Asia’s MSMEs are at the heart of everything we do at Funding Societies, but we know we do not act alone. If you’re a client, an investor, a stakeholder, or a peer, you are a valuable part of our mission to drive financial inclusion and to uplift economies in the region.
In case you haven’t heard, we kick-started 2022 on a high note! In January, Funding Societies was recognised on Statista’s “Singapore’s Fastest Growing Companies 2022” ranking on Straits Times and Financial Times. This list is a mark of substance, credibility and sustainability, ranking 75 local firms that achieved markedly high organic revenue growth between 2017 and 2020.
In the same month, Brands for Good awarded us with a Distinction honour, marking our 2nd year winning at this Awards. Based on a regional impact study conducted using methodology developed by the Asian Development Bank, Funding Societies-backed MSMEs contributed US$3.6 billion in GDP and created about 350,000 jobs in Southeast Asia in the past few years. Brands for Good Awards aims to recognise purpose-driven businesses that not only make a difference but commit as stewards for a positive impact.
Simon Xie, Country Head, Singapore
Fresh off the wins, in February, we announced a historic Series C+ fundraise of US$294 million in equity and debt lines. Our equity fundraise was led by SoftBank Vision Fund 2, with a slew of new investors joining us, notably Vietnamese tech giant VNG Corporation, Rapyd Ventures, Asia-based global investor EDBI, Indies Capital, K3 Ventures, and Ascend Vietnam Ventures. Our US$150 million in debt lines came from institutional lenders across Europe, the United States, and Asia. This growing number of investors reiterates their confidence in us as the leading SME digital financing platform in Southeast Asia.
Unprecedented by any FinTech company in the region, we are thrilled to fly the flag for Southeast Asia 🚀 This is a huge milestone for us and propels us towards rolling out more exciting products and services for our SME clients and investors alike.
Of course, we had to celebrate this on Times Square!
Truly an unforgettable way to usher in our 7th birthday 🎉
To commemorate the event, we had a small yet meaningful hybrid celebration at the office with a cake-cutting ceremony by Kelvin, our Co-founder and Group CEO, and a few of us, while the rest joined in virtually to ensure we all got to safely celebrate the occasion.
For all of the work we have done to champion SME financing in Southeast Asia, we want to recognise our employees for their creativity, precise execution, and dedication along this tough but amazing journey. As a tangible way to thank our team, in March we announced in a market leading move a 50% of total annual salary in Employee Stock Option Plan (ESOP) allotment for eligible new hires in our fourth share buyback. Our ESOP policies are also designed for inclusivity and equality, where eligible loyal employees are entitled to ESOPs on every 2-year anniversary of joining the company. In this round, which is our 4th buyback, more than 120 current and former employees received cash rewards.
Despite all the successes and accolades we have achieved thus far, we are far from done with our mission to empower small and micro businesses in Southeast Asia. Funding Societies has bigger and more exciting plans for the year and the years beyond: we are expanding into a leading neobank to provide financial solutions beyond lending, breaking into more countries in the region, launching green products that align with our mantra to uplift economies through sustainable businesses, and giving back to our employees even more through inclusive and practical people experiences.
If you’re moved by what we do and want to join us in creating impact on societies, or simply looking for your next move, do reach out to us on LinkedIn or check out https://fundingsocieties.com/career for current opportunities.
Disclaimer: The information provided to you in this blog post is intended only for general information purposes only and does not constitute legal or other professional advice on any subject matter. The materials and the information provided are not intended to be and do not constitute an advertisement or solicitation. In no event will Funding Societies be liable to any party for any direct, indirect, incidental, special, consequential or punitive damages for use of such information by you or any unauthorized third party.
- What’s It Like to Be a Part of Funding Societies: Our Leaders’ Perspectives - May 29, 2023
- Funding Societies: Celebrating the past few months and looking ahead - April 1, 2022
- 2021: A Year in Review - December 30, 2021