Funding Societies | Modalku is the only P2P lending platform from Southeast Asia to be included in Fintech100 compiled by KPMG and H2 Ventures
SINGAPORE, Nov. 8, 2018 /PRNewswire/ — Funding Societies | Modalku (FSMK) is the only peer-to-peer (P2P) lending platform from Southeast Asiato be included in Fintech100, an annual list of the top 100 leading financial technology innovators from around the world. Fintech100 is a collaboration between KPMG and H2 Ventures featuring the world’s leading 50 Established Innovators, and the 50 most intriguing ‘Emerging Stars’. FSMK was recognised for its efforts in solving the financial inclusion problem in Southeast Asia by making financing accessible to creditworthy SMEs. It is amongst 11 companies across 5 Southeast Asian countries that made the Fintech100 list.
Fintech100 is compiled by KPMG and H2 Ventures following extensive global research and based on data across numerous aspects. Selection criteria – including annual and rate of raised capital, geographic diversity, sectoral diversity, and an X-factor that analyses business model innovation, product range, etc. – yielded 100 companies that are creating the most innovative products and services at the juncture of technology and finance. FSMK also joins the list of “Emerging 50” companies, which celebrates newer FinTech firms at the forefront of innovative technologies and practices. KPMG is a network of member firms around the world providing advisory, tax, and auditing services. KPMG Global Fintech (part of KPMG), which is present in 45 Fintech hubs around the world, and H2 Ventures, a leading Fintech venture capital investment firm based in Sydney, Australia, comprised the judging panel for the final shortlist of the Fintech100 list.
Kelvin Teo, Co-founder of Funding Societies | Modalku, said, “Inaccessible SME financing is a tough but important problem to solve. While it’s still early days for FSMK, we are humbled by the recognition amongst giants around the world. As we grow our presence in the region, we regularly benchmark ourselves against international standards and hope to achieve or even surpass it one day.”
FSMK connects local, creditworthy SMEs with investors (both individual and institutional) through a digital marketplace, thus increasing access to financing for the SME sector, which faces cash flow management issues.
81% of SMEs interviewed in the SME Development Survey by DP Information Group in 2017 stated that they experienced delays in customer payments, increasing cash flow gaps and working capital problems. With FSMK, SMEs can apply for up to SGD 2 million in unsecured business loans and SGD 3 million in secured business loans from its loan products and cash flow solutions.
Since its establishment, FSMK has crowdfunded more than SGD 280 millionto more than 20,000 SME loans across Southeast Asia through a pool of more than 80,000 registered investors. FSMK currently operates in Singapore, Malaysia, and Indonesia. It holds a Capital Markets Services License issued by the Monetary Authority of Singapore. FSMK received the largest Series A and Series B funding for a Southeast Asian P2P lending platform, amounting to USD 7 million and USD 25 million respectively. Its Series B funding round was announced in April 2018 and was supported by SoftBank Ventures Korea, Sequoia India, Alpha JWC Ventures Indonesia, and Golden Gate Ventures amongst others.
Funding Societies | Modalku will be participating in the Singapore FinTech Festival 2018 at the Singapore Expo on 12 – 14 November 2018 at the ASEAN Fintech Startup Zone (Booth ZQ01).
About Funding Societies | Modalku
Founded in early 2015, Funding Societies | Modalku is a licensed digital lending platform in Southeast Asia that connects small and medium-sized enterprises (“SMEs”) with retail and institutional lenders. It has achieved numerous milestones in a short span of time, including USD 25 millionSeries B funding round led by SoftBank Ventures Korea and supported by Sequoia India, Alpha JWC Ventures and Golden Gate Ventures. Funding Societies | Modalku is currently present in Singapore, Indonesia and Malaysia, and is one of the largest digital lending platforms in the region. Through its searing growth, Funding Societies | Modalku remains dedicated to the vision of funding underserved SMEs and improving societies in Southeast Asia.
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