Funding Societies Group have reached more than RM600 million in disbursed working capital to more than 7,000 SME (small and medium-sized enterprises) financing in Southeast Asia. The RM600 million milestone was achieved in July 2018; in only 6 months, the company doubled its total disbursement for SMEs in Malaysia, Singapore, and Indonesia. Since the start of 2018, Funding Societies Malaysia’s contribution to total regional disbursement increased to nearly 400%. The numbers show how Funding Societies Group significantly expanded its reach in Malaysia and Southeast Asia throughout the year.
Funding Societies offers up to RM50,000 in micro-financing through its mobile app, FS Bolt. The funds can be disbursed in as fast as 1 day upon full document submission. More than 42% of Funding Societies’ SME applicants in Malaysia are millennials. There is demand among young businesspeople for alternative finance products that are technology-driven and easily accessible. Financing like FS Bolt, which require only a smartphone and an app download to use, can be accessed anytime and anywhere – making it a product that suits the millennial lifestyle
To address cash cycle problems often encountered by SMEs, Funding Societies provides invoice financing, where SMEs can pledge unpaid customer invoices as collateral to get immediate cash at a discount to plug a cash flow gap. In addition, Funding Societies offers up to RM500,000 in business term financing.
Our founders and team are heartened to have reached far more SMEs in Southeast Asia this year. SMEs play a vital role in supporting the Southeast Asian economy and our team wants to consistently support the sector’s growth. Going forward, we want to widen access to working capital financing to even more SMEs and create positive impact in the region.
Funding Societies connects local, creditworthy SMEs with investors (both individual and institutional) through a digital marketplace, thus increasing access to financing for the SME sector. Learn more about us here.