Singapore-based Funding Societies has surpassed THB 1 Billion (USD $27.8 million) in online lending in Thailand, according to a note from the company. Funding Societies secured a license in Thailand in 2021.
Funding Societies is a platform providing access to capital for SMEs in multiple Asian countries.
Funding Societies is licensed in Singapore, Indonesia, and Thailand, registered in Malaysia, and operates in Vietnam. In aggregate, Funding Societies has originated USD $2.9 billion in funding, annualizing at US$1.1 billion.
In Thailand, Funding Societies anticipates that it will generate growth of over THB2 billion (USD $55.6 million) in the next 12 months.
Kelvin Teo, Co-founder and Group CEO of Funding Societies | Modalku said the milestone is a testament to market need calling Thailand a key market for his company as they “continue to empower SMEs in Southeast Asia,” serving SMEs and their financing and non-financing needs.
Funding Societies notes that Thai SMEs are the backbone of the Thai economy, making up 99% of all enterprises in Thailand, equivalent to over 3.1 million businesses. At the same time, the majority of these businesses face challenges in accessing capital, especially in meeting short-term working capital requirements.
Funding Societies says there is an SME financing gap in Thailand of more than US$40 billion.
Funding Societies recently received a credit facility of USD $50 million from HSBC. The Fintech has also acquired the regional digital payments platform CardUp, subject to regulatory approval.
Funding Societies is a marketplace platform accepting individual investors.