Funding Societies raises US$27 million in debt from institutional investors

Vivienne Tay

Published Tue, Sep 26, 2023 · 11:50 AM

Funding Societies has raised US$27 million in debt funding led by Asia-focused private credit financier AlteriQ Global.

Multi-family office Aument Capital Partners and sustainability-focused fund Orange Bloom also took part in the debt funding round, the small and medium enterprises (SME) digital finance platform said on Tuesday (Sep 26).

It will channel the funds into its financing solutions to support underserved SME segments in its five operating markets. The fintech company is licensed in Singapore, Indonesia and Thailand, registered in Malaysia, and operates in Vietnam.

Funding Societies co-founder and group chief executive Kelvin Teo said: “Amidst uncertain macroeconomic conditions, we continue to deepen our financing propositions across our five markets for more underserved SMEs, alongside existing and new partners.”

The company, launched in 2015, recently began offering payment and collections solutions on top of lending. It said it has achieved over US$3.2 billion in business financing and is serving about 100,000 SMEs across the region.

AlteriQ Global managing partner Zhi Yong Heng said: “We found great synergy and potential with what Funding Societies has accomplished through the years with its diverse digital financing solutions, the quality of their team and the many SMEs they have served.”