An illuminating Straits Times article published early this year revealed the results of a poll conducted by the Financial Planning Association of Singapore (FPAS). Some unexpected and uncomfortable finds were disclosed. Only a third of Singaporeans had a comprehensive financial plan. Only 11% felt knowledgeable about financial matters. Most felt …
8 Things to Ask Yourself Before Applying for a Business Loan
Securing funding is never easy – especially if you are an SME or small business owner. Ask yourself these questions before you prepare your loan application to maximise your chances of loan approval: 1. Why do I need a business loan? Every business loan consideration should start with this question …
Investing in Invoice Financing vs Term Loans
Some of our investors may have already heard of our new product – Invoice Financing. We hope that this post will help to answer some of the FAQs regarding investing in invoice financing and dispel any confusion. Q: What is invoice financing? Invoice financing is a loan product where sellers …
Funding Societies raises $7.5M for its loan marketplace in Southeast Asia
We are humbled to announce that Funding Societies has raised a $7.5 million Series A round for its take on marketplace lending. Sequoia India — the VC firm’s fund that invests in Southeast Asian companies — led the investment, which included angel investors. Read more on TechCrunch here.
Good Deeds Paid Off for Withdrawal of Loan
As you are aware, Funding Societies takes credit assessment and defaults very seriously. To us, safe growth is more important than fast growth. This is evident from our default rate of 1.8% (as of June 2016), which is much lower than that of comparable platforms. It is a principle shared …
The SME Guide to Business Financing
If you are part of a Singapore SME, it can be difficult to get funding for your business. According to this Business Times article, four in 10 Singapore SMEs lack support from financial institutions. While certain banks are recently looking to grow their SME lending, financial support for Singapore SMEs …
My Greatest Takeaways From the 12-week Internship at Funding Societies
Shin Yiseul, our very first intern at Funding Societies, shares her greatest takeaways from her 12-week internship with us: Everyone dreams of finding a job they love. Like many other undergraduates, I spent several summer breaks in various internships, letting each experience guide me in discovering my passion. This phase …
Funding Societies Adopts International Code of Conduct for Self-regulation
With innovative financing methods such as digital lending on the rise, it is essential to do so with responsible practices. This is why, Funding Societies is proud to join other world-class digital lenders such as Funding Circle and Lending Club as a signatory of the Small Business Borrowers’ Bill of …
3 Reasons Why Peer-To-Peer Lending Should Be In Your Portfolio
Peer-to-Peer (P2P) lending is a fixed-income instrument. The concept of how it works is that individuals lend money to Small & Medium Enterprises (SMEs). It is somewhat like crowdfunding, where people pool money to give it to a company that they want to support. However for P2P lending, they lend …
Top 7 New Year Resolutions for 2016
As we make our way into the second weekend of 2016, reflections of 2015 occurred among us with a resolve to excel further. What do we want to aim for this year, what have we learned in the past? In our typical crowdsourcing fashion, our team at Funding Societies collated …