P2P LENDING PLATFORM FUNDING SOCIETIES HITS S$100M IN CROWDFUNDED LOANS
23 JANUARY 2018
Peer-to-peer lending platform Funding Societies announced Tuesday that it has surpassed $100 million in total crowdfunded loans for small and medium enterprises (SMEs) across Singapore, Indonesia and Malaysia.
This is the highest total crowdfunded amount achieved by a peer-to-peer lending platform in Southeast Asia, according to the company.
“2017 has been a strong year, as we gained global recognition for our efforts including our loan mobile app FS Bolt and our chatbot Miyu. We’d work even closer with the SME community in 2018,” says Kelvin Teo, co-founder and CEO of Funding Societies.
Funding Societies in 2017 saw its crowdfunding book expand five-fold, while maintaining a default rate of 1.5%.
Founded in 2015, the digital financing platform enables SMEs to secure business loans from retail and institutional investors.
According to a study by Visa and Deloitte, four in 10 SMEs in Singapore are unserved by existing financial institutions when addressing their financing needs.
In addition, some 72% of Singapore SMEs say they require funds to better manage their working capital and cash flow.
Funding Societies says alternative financing providers are addressing this gap by providing funding solutions for the growth of local businesses.