‘We want to pay it forward’: Funding Societies raises $25M to boost capital for SMEs in Southeast Asia

Quick Summary:

Nevertheless, as in other parts of the world, SMEs in Southeast Asia face challenges when it comes to sufficient working capital.

Small and medium-sized enterprises (SMEs) account for nearly 50% of Southeast Asia’s GDP, contributing to job creation, innovation, and overall economic expansion.

Investors have included strategic backers such as Khazanah Nasional Berhad and Maybank, which put in $40 million less than a year ago, as well as SoftBank Vision Fund 2, CGC Digital, SBVA (previously SoftBank Ventures Asia), Peak XV Partners (formerly known Sequoia Capital India), and Alpha JWC Ventures, among others.

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Article Details

Author / Journalist: Kate Park

Category: Technology

Markets: United StatesIndiaIndonesiaJapanMalaysiaSingaporeThailandVietnam

Topics: SoftBank Vision Fund 2 Fintech Funding societies Southeast Asia Fundraising

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-19 @ 01:00:00 (11 hours ago)

News Timezone: GMT -5:00

News Source URL: techcrunch.com

Language: English

Article Length: 990 words

Reading Time: 6 minutes read

Sentences: 36 lines

Sentence Length: 28 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © TechCrunch

News ID: 24542339

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