Funding Societies, a Southeast Asian lending platform, gets $25M Series B led by Softbank Ventures Korea [TechCrunch Blog]
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Source: TechCrunch Blog
Funding Societies co-founders Reynold Wijaya and Kelvin Teo. Funding Societies , a peer-to-peer lending platform in Southeast Asia, said today that it has raised a $25 million Series B led by Softbank Ventures Korea, the Japanese tech conglomerate’s early-stage venture capital unit. The round included returning investors Sequoia India, which led the Singapore-based startup’s Series A two years ago , Golden Gate Ventures and Alpha JWC Ventures, as well as new backers Qualgro and LINE Ventures. Funding Societies also said it has raised credit lines from banks and financial institutions to lend to small- to medium-sized businesses. Founded in 2015 by Kelvin Teo and Reynold Wijaya, the startup’s name represents its “vision of financial inclusion in Southeast Asia.” Its Series B was oversubscribed, says Funding Societies, which operates in Singapore, Indonesia, where it is called Modalku, and Malaysia. When it announced its $7.5 million Series A in August 2016,
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