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 Asia. In 2018, we will work even more closely with the SME community, in line with our motto ‘Stronger SMEs, Stronger Societies’.”
2017 was an excellent year for us, with many local and global awards and recognition. Our Indonesian entity, Modalku, won the Global SME Excellence Award from the United Nations’ ITU Telecom, making our group the first and only Asian startup to win the award. Funding Societies was also included in CB Insights’ FinTech 250, a select list of the top FinTech companies around the world working on groundbreaking financial technology.
To us, these local and international awards highlight the impact of financial technology on society. Most of all, none of our achievements would have been possible without the trust of our users, borrowers and investors alike. Thanks for making 2017 awesome!
Read more through the articles below:
Check out our 2017 recap video and follow our progress and growth in 2018 on our social media:
- Why Green Financing is good for the environment and you as SME - August 31, 2021
- Trade Financing: Gearing up SMEs for business growth in 2021 - February 9, 2021
- Understanding Supply Chain Financing for SMEs in Singapore - February 9, 2021