The alternative finance industry, or marketplace lending, has become increasingly popular regionally in recent times and has been growing at an impressive pace. In 2016, Southeast Asia’s alternative finance market grew 363% from 2015 to a value of US$215.94 million, with marketplace business lending amounting to more than half of the market’s value. Further data showed that the market size …
A note from Kelvin Teo, CEO: Funding Societies Raises US$25 Million in Series B Funding Led by SoftBank Ventures Korea
When I registered to be the first investor on Funding Societies on 5 May 2015, it was on the earliest version of our website, with a backend system that could only crowdfund one type of financing product. We had a lean team of 5 supporting both our borrowers and investors at the time, huddled in a co-working space in SiTF, …
Funding Societies Surpasses SGD 100 Million in SME Crowdfunding
We welcome the start of 2018 with wonderful news: Funding Societies crossed the SGD 100 million mark in total crowdfunded SME loans across Singapore, Indonesia, and Malaysia. We are proud to have achieved our growth responsibly, while maintaining a default rate of 1.5%. Kelvin Teo, our Co-Founder and CEO, commented, “We started Funding Societies to positively impact SMEs in Southeast …
Funding Societies (Modalku) Is the First Southeast Asian Company to Win the Global SME Excellence Award from United Nations’ ITU Telecom
At the end of September 2017, Funding Societies (Modalku) won the Global SME Excellence Award during the ITU Telecom World Awards, held this year at Busan, South Korea. The honour makes Funding Societies (Modalku) the first Southeast Asian company to win the award. The Global SME Excellence Award recognizes the most promising and innovative information and communication technology solutions developed …
Introducing Miyu, Your Friendly Chatbot, from Our Customer Experience Team
We at Funding Societies are launching Miyubot, a chatbot for use in our daily interactions with you. Driven by artificial intelligence and Natural Language Processing, the promise of these technologies in a chatbot coincides with our goal of serving you faster as well as better. Oftentimes, Miyubot will get to you first from now, because she never sleeps. This blog …
Q&A: Internship at Funding Societies (Part 2)
In our last post, we shared the first part of a Q&A session between our 2017 summer interns and Funding Societies Co-Founder & CEO Kelvin Teo. Here is the second and concluding post, where our interns share lessons learned and advice for those who will embark on FinTech internships. What were your most memorable moments during your internship? Sherman: Definitely …
Q&A: Internship at Funding Societies (Part 1)
Singapore’s FinTech industry is on the rise. In fact, based on a 2017 Deloitte report, Singapore and London are ranked together as the top FinTech hub in the world. The prominence of FinTech in Singapore has attracted students and educational institutions. This summer, Funding Societies welcomed a diverse group of interns from various universities in Singapore. To conclude their internship …
Funding Societies is the Only P2P Lending Company from Southeast Asia included in the prestigious Fintech 250 List
CB Insights, one of the world’s leading private research companies within the startup ecosystem, has named Funding Societies to the celebrated Fintech 250 list, a select group of emerging private companies working on groundbreaking financial technology. Funding Societies, which operates in Singapore, Indonesia, and Malaysia, is the only peer-to-peer (P2P) lending company from Southeast Asia selected to be on the …
Funding Societies Wins “Best Customer Experience – Alternative Financial Service Providers” at the Customer Experience in Financial Services Summit and Awards 2017
Singapore, 14 June 2017 – We are humbled and honored to receive the award for the “Best Customer Experience – Alternative Financial Service Providers” at the 3rd annual Financial Services Summit and Awards 2017. We’ve spent the last 8 months making leaps in improving our platform and enhancing the user experience, so we are delighted to be the only startup …
Announcing FS Bolt Mobile App, Provider of the Fastest Working Capital Loans in Singapore
Introducing our newest innovation – FS Bolt, a mobile application that is “the quickest source of working capital loans in Singapore” (Source: Business Times). The app was designed with emphasis on speed and ease of use, with (1) a two-minute application process, (2) minimal document submission, (3) approval notification in two hours, and (4) disbursement within 24 hours. With FS …
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