When I registered to be the first investor on Funding Societies on 5 May 2015, it was on the earliest version of our website, with a backend system that could only crowdfund one type of financing product. We had a lean team of 5 supporting both our borrowers and investors at the time, huddled in a co-working space in SiTF, while my co-founder Reynold and I were halfway around the world juggling the final legs of our MBAs at Harvard during the day and working on the platform at night.
As we crossed S$100 Million in loans to credit worthy borrowers earlier this year, that team of 5 has grown to 150 in 3 countries serving 60,000 investors region wide.
On behalf of the team, we are very happy to share that we have raised US$25 Million in our Series B round, led by Softbank Ventures Korea, an early stage venture capital arm of Softbank Group famous for its US$ 100B Vision Fund. Our existing investors Sequoia India, Alpha JWC Ventures (Indonesia) and Golden Gate Ventures together with new VCs Qualgro and LINE Ventures also participated in this over-subscribed round.
As the largest round raised by a digital lending platform in South-East Asia, it will enable us to help hundreds of thousands more underserved SMEs, while offering our lenders an even better user experience as they join us in this journey of financial inclusion across the region.
None of it would have been possible without the constant support of our clients (borrowers and investors), partners, regulators and most importantly the team. Thank you all.
Here’s a recap of Funding Societies’ milestones and achievements: https://www.sutori.com/story/funding-societies