New Member: Funding Societies joins SME Finance Forum to accelerate support to small businesses
Jul 01, 2020
Washington D.C., July 1st, 2020- We’re excited to share that Funding Societies joined the SME Finance Forum global membership network. The Forum brings together development financial institutions, banks, and fintechs from around the world to support SMEs through knowledge exchange, policy change, and impactful partnerships.
“When we started in 2012, we were in exploratory phase for the first few years. Since 2016, we’ve been implementing our mission to build a global membership to support better SME financing, and since then, we’ve established a network with over 190 active members, who operate in over 190 countries sharing the common purpose of helping under-served enterprises. We are delighted to welcome Funding Societies to further grow our mission.” said Matthew Gamser, CEO of the Forum.
Funding Societies is the largest SME digital financing platform in Southeast Asia, licensed in Singapore, Indonesia, and, Malaysia. Started as a peer-to-business lending platform, Funding Societies has evolved into a leading alternative to bank loans, serving from sole proprietors to mid-sized enterprises in both traditional and digital economies. Focusing exclusively on SMEs, it has given out over US$1 billion over 2 million loans to 45,000 unique SMEs regionally funded by 190,000 registered individual and institutional lenders.
“We have actively engaged with the Forum’s events over the past few years. SMEs are the backbone of our economies. We are committed to solving the SME financing gap. The powerful network and learning opportunities that Forum offers would enable us to better promote financial inclusion in Singapore and Southeast Asia,” said Teo Kelvin, Co-Founder and Chief Executive Officer of Funding Societies.
About SME Finance Forum
The SME Finance Forum was established by the G20 Global Partnership for Financial Inclusion (GPFI) in 2012 as a knowledge center for data, research, and best practice in promoting SME finance. As an implementing partner for the GPFI, the International Finance Corporation (IFC) was tasked with managing the initiative.
About Funding Societies
Funding Societies | Modalku is the largest SME digital financing platform in Southeast Asia. It is licensed in Singapore, Indonesia and Malaysia, and backed by Sequoia India and Softbank Ventures Asia Corp amongst many others. It provides business financing to small and medium-sized enterprises (SMEs), which is crowdfunded by individual and institutional investors. In 5 years, it has helped finance over 2.4 million business loans with over S$1.5 billion in funding. It was given the MAS FinTech Award in 2016, the Global SME Excellence Award at the United Nations’ ITU Telecom World in 2017, Brands for Good in 2019, and recognised by IDC as amongst the 5 fastest growing FinTechs in Singapore in 2020.