Digital finance platform Funding Societies has disbursed $3b of funding to SMEs

The company offers lending, payments, and collections services.

Digital finance platform Funding Societies has disbursed $3b (S$4.1b) of funding across over 5 million transactions to small and medium enterprises (SMEs) across Southeast Asia.

Funding Societies shared that its overall platform cohort has a default rate of 2%, with 100,000 SMEs benefiting from easier access to finance.

The company now also offers payments and collections solutions, apart from lending. Since establishing its payments business, Funding Societies said that it has tripled its Gross Transaction Value (GTV) year-on-year through its proprietary solution Elevate, and its integration of CardUp’s payments solutions for FY2022.

“Whilst there are macro headwinds this year, we are optimistic to continue growing sustainably, like we did in Covid-19.  We will continue to stay nimble, innovate and scale up in financing, payments and other financial services – catering to various pain points of SMEs,” said Kelvin Teo, co-founder and group CEO, Funding Societies | Modalku.