Singapore's Funding Societies has distributed over $1.8 billion in loans; raises funding from Samsung Ventures

Funding Societies has financed over 3.3 million loans from their base of over 200k lenders.

Carl Adrian

18 Dec, 2020

Singapore's Funding Societies has distributed over $1.8 billion in loans; raises funding from Samsung Ventures | BEAMSTART News

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.

Founder of Funding Societies, Kelvin Teo.

Launched in 2015Funding Societies is one of the largest P2P lending platforms in Southeast Asia, providing loans to small and medium-sized enterprises (SMEs).

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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