Southeast Asian SME Digital Financing Platform Secures US$27 Million

Published 8 months ago
Funding Societies Modalku, a digital financing platform for SMEs in Southeast Asia, has secured US$27 million in debt financing. The fundraising was spearheaded by Asia-focused private credit financier AlteriQ Global, joined by Aument Capital Partners (ACP) and sustainability-focused fund Orange Bloom.

The funds raised are intended for offering customized financing solutions to SMEs in the five markets where Funding Societies operates: Singapore, Malaysia, Indonesia, Thailand, and Vietnam.

A Significant Milestone in Business Financing

To date, Funding Societies has distributed over US$3.2 billion in business financing and processed in excess of 5 million transactions. The platform has served approximately 100,000 SMEs across the region.

In addition to lending, Funding Societies also provides solutions to help SMEs navigate their cash flow management challenges, such as payments and collections.

Support from Institutional Investors

Kelvin Teo, Co-Founder and Group CEO of Funding Societies Modalku, expressed delight at securing debt funding from a diverse group of institutional investors. Despite uncertain macroeconomic conditions, Teo emphasized the company’s commitment to expanding its financing propositions across its five markets, serving more underserved SMEs in collaboration with existing and new partners.

Synergy and Potential with Funding Societies

Zhi Yong Heng, Managing Partner of AlteriQ Global, noted the synergy and potential between AlteriQ Global and Funding Societies. He praised the quality of the Funding Societies team and the diversity of their digital financing solutions. Heng also acknowledged the company’s position as one of the leading players in the digital financing space and expressed AlteriQ Global’s eagerness to foster and provide a fully-integrated financing ecosystem in collaboration with Funding Societies.