Southeast Asia SME lending platform Funding Societies has received an investment from Samsung Venture Investment Corporation.
In addition to this investment, Funding Societies has scored credit lines from Asian and European financial institutions to help it support more small and medium-sized enterprises.
This investment from Samsung will also start a strategic alliance between the two and introduce prospective partnerships and collaboration.
With the fresh equity, the FinTech plans to expand its technology team across the Southeast Asia region. Funds will also be used to support the development of the firm’s strategic and new business models.
The capital comes shortly after the FinTech netted $40m in its Series C.
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).
Funding Societies co-founder and group CEO Kelvin Teo said, “We are honoured to work with Samsung as an investor, as we find them a strategic and collaborative partner, in our journey to enable growth for SMEs and create wealth for lenders. We will continue to strive to be a digital finance provider of choice and to make a positive impact in our home countries across Southeast Asia.”
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