Funding Societies, a peer-to-peer (P2P) lending platform from Singapore, has raised a funding round from Samsung Ventures, the venture capital arm of South Korean conglomerate, Samsung Group.
The company's previous investors include Sequoia India, Softbank Ventures Asia Corp, SG Innovate, BRI Ventures, Qualgro Partners, and Endeavor, among others.
The company also holds money lending licenses in Singapore, Indonesia, and Malaysia.
In the past 5 years, Funding Societies has helped finance over $1.5 billion across 3.3 million loans.
The number of lenders on the company's platform has also increased to over 200k since inception.
Founders of Funding Societies, Reynold Wijaya and Kelvin Teo
Moving forward, the P2P lender will utilize fresh funds to grow its technology team across Southeast Asia by roping in tech and data talent.
It will also team up with Samsung Ventures and Samsung Life Insurance to introduce potential partnerships and collaborations.
Co-founder and group CEO of Funding Societies, Kelvin Teo, mentions that the company views Samsung as a strategic and collaborative partner in enabling the growth of SMEs and creating wealth for lenders.
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