Southeast Asian SME digital finance platform, Funding Societies, secures US$7.5 million in debt funding from Norfund. A Norwegian Development Financial Institution (DFI). This marks the first debt transaction done by Norfund with a fintech SME lender in Southeast Asia.
Funding Societies can then channel the funds through its markets in both Singapore, Malaysia, Indonesia, Thailand and Vietnam. The transaction functions as a bridge between the public and private sectors in expanding the Norwegian investments in Southeast Asia.
And there’s a specific reason why Norfund decided to put its money in Funding Societies.
Let’s all grow together
“We have been impressed with how Funding Societies has been able to serve Southeast Asia’s underserved businesses with its broad range of financing solutions and solving cash management challenges faced by these SMEs,” Fay Chetnakarnkul, Norfund’s Regional Director (Asia) said.
“We are pleased to be able to support Funding Societies as the company expands its reach and increases financial inclusion further, enabling more businesses to grow and create much needed jobs in the region,” she added.
Lastly, Co-founder and Group CEO of Funding Societies, Kelvin Teo, expressed satisfaction too about the project.
“This milestone is not only a testament to our credit track record through Covid-19 and macro uncertainties, but also a timely opportunity to satisfy the growth capital needs of more underserved SMEs in Southeast Asia.”
Source: Fintech News Singapore
