Funding Societies inks US$50m credit facility with HSBC

SME digital financing platform Funding Societies has signed a US$50 million credit facility with HSBC Singapore to expand the startup’s footprint in South-east Asia.

This comes as HSBC Singapore similarly extended a US$100 million debt facility to another fintech startup, Atome Financial, which houses buy now, pay later player Atome and Indonesia-based digital lending platform Kredit Pintar.

The HSBC facility is a “critical milestone” for Funding Societies, said its CEO and co-founder Kelvin Teo. Backed by the SoftBank Vision Fund 2, the startup is licensed in Singapore, Indonesia, Thailand and Malaysia, and recently entered Vietnam. It said that it disbursed over US$2.6 billion in loans across 5.1 million transactions.

Regina Lee, head of commercial banking at HSBC Singapore, said that the bank is “thrilled” to support Funding Societies. The startup raised US$144 million in its Series C extension in February, and more recently, co-invested in Indonesia’s Bank Index with used car platform Carro.