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Funding Societies Raises US$294 Million in Series C+ Led by SoftBank

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Funding Societies, a Southeast Asian SME digital financing platform which goes by Modalku in Indonesia, today announced that it has raised US$144 million in an oversubscribed Series C+ equity round.

The round was led by SoftBank Vision Fund 2 with new investors notably Vietnamese tech giant VNG Corporation, Rapyd Ventures, Asia-based global investor EDBI, Indies Capital, K3 Ventures, and Ascend Vietnam Ventures.

The company also received US$150 million in debt lines from institutional lenders across Europe, the United States, and Asia, some of which have been drawn down since 2021.

This comes on the back of its US$45 million Series C raised between 2020 and 2021.

Its latest fundraise also provides US$16 million to former and existing employees via the company’s stock option plan, in the form of share buyback.

Funding Societies is licensed and registered in four countries across the region – Singapore, Indonesia, Malaysia, Thailand, and operating in Vietnam.

To date, it has disbursed over US$2 billion in business financing to MSMEs through more than 4.9 million loan transactions in Southeast Asia.

Since 2019, Funding Societies has expanded its suite of financial services beyond lending and plans to bring its operations to more locations in Southeast Asia within the next 12 months.

Co-founder and Group CEO of Funding Societies, Kelvin Teo

Kelvin Teo

Kelvin Teo, Co-founder and Group CEO of Funding Societies said,

“We’re honoured by the faith of our new and existing shareholders. We started Funding Societies | Modalku to empower SMEs by solving their biggest problem, access to financing, especially unsecured financing.

Having proven our AI-led credit capabilities in an unprecedented financial crisis, we look to serve SMEs even better with neobanking and deeper regional presence in Southeast Asia.”

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