Singapore-based marketplace lender Funding Societies raised $10m in Series A funding, led by Sequoia India. To date, the platform has provided approximately S$8.5 million in loans to SMEs in Singapore.
Peiter Kemps, VP at Sequoia, said they had been impressed by Funding Societies strong team and ability to executive in Southeast Asia – a very hot market right now. “They have grown fast by effectively meeting the needs of both SME’s and lenders. Funding Societies is well positioned to emerge as a leading P2P platform in the region and Sequoia is delighted to support them in this endeavor”, said Kemps. The new financing will be used to “strengthen the customer experience” and complying with the myriad of regulatory variations in Singapore, Malaysia and Indonesia. Funding Societies reported the new funding would allow it to “cement its position” as a peer to peer lender that is “synonymous with trust and sustainability.”