Funding Societies said to raise $40m despite making staff cuts

Singaporean P2P lending platform Funding Societies has allegedly secured $40m in its Series C, despite the coronavirus forcing it to downsize.

The company recently reduced its team, which spans offices in Singapore, Indonesia and Malaysia, by 18% due to the pandemic, according to a report from Tech In Asia.

Funding Societies has also been forced to hold off on some growth initiatives it had initially planned for this funding round, the article reports.

The fresh capital injection was supplied by a selection of unnamed new and existing backers.

This investment comes two years after the lending startup’s previous round, which was a $25m Series B. Investors to the round included SoftBank Ventures Korea, Sequoia India, Alpha JWC Ventures (Indonesia) and Golden Gate Ventures, alongside Qualgro and LINE Ventures.

Funding Societies is a P2P lending platform which helps connect SMEs with retail and institutional investors. A business applies for a business loan of up to SGD $2m ($1.4m) on tenor of 12 months, and the FinTech will open up the loan to investors on the platform which can make contributions from as little as SGD $20 ($14).

Businesses can also apply for short term financing for invoices.

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