Southeast Asia’s largest P2P lending platform completes largest funding round in Southeast Asia.
Leading peer-to-peer (P2P) financing platform in Malaysia, Funding Societies, has raised RM100 million in Series B funding.
The funding round was led by Softbank Ventures Korea. Other participating organisations include existing investors, Sequoia India, Alpha JWC Ventures (Indonesia) and Golden Gate Ventures. Qualgro and LINE Ventures also participated in this over-subscribed round.
Additionally, the platform has raised credit lines from banks and financial institutions to further support SMEs. This fundraising initiative is the largest by a P2P lending platform in Southeast Asia.
Funding Societies has disbursed more than RM400 million in financing to SMEs across Southeast Asia. The platform maintains one of the lowest default rates of less than 1.5 per cent.