Funding Societies
Corporate brand
UnclaimedFunding Societies is a Southeast Asian digital financing platform that provides funding and related financial services to small and medium-sized businesses.
Last updated August 31, 2026
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Overview
Funding Societies is a Singapore-headquartered digital financing platform focused on small and medium-sized enterprises and other micro, small and medium-sized businesses in Southeast Asia. The company operates a technology-enabled lending marketplace through which businesses can seek financing and investors or institutional funding partners can participate in business loans. In Indonesia, the platform operates under the name Modalku, a Bahasa Indonesia expression meaning “My Capital.” The business was founded in 2015 by Kelvin Teo and Reynold Wijaya while both were studying for Master of Business Administration degrees at Harvard Business School. Its model was created to address the financing gap faced by smaller businesses, which often have limited access to conventional bank credit, lengthy application processes, or insufficient collateral. Funding Societies uses digital onboarding and credit assessment to support shorter-term business financing. The standard loan period described for the platform ranges from three months to one year, while the maximum stated borrowing amount has reached SGD 2 million. Funding Societies began in Singapore and expanded regionally soon afterward. It launched its Modalku operation in Indonesia in January 2016. In November of the same year, its Malaysian operation became one of six licensed SME lending platforms recognised and regulated by Malaysia’s Securities Commission. Thailand was added to the group’s operating footprint in February 2021. This cross-border structure allows the brand to use a common regional technology and financing approach while adapting its brand and regulatory model to individual markets. The company also developed partnerships intended to extend access to merchants and digitally active businesses. It established a relationship with DBS Bank in April 2016 and announced a partnership with Razer Fintech in 2020 to provide short-term financing to merchants using Razer Merchant Services. The latter illustrates Funding Societies’ strategy of reaching businesses through payment, commerce, and technology ecosystems rather than relying only on direct customer acquisition. Funding has been an important part of the company’s expansion. Funding Societies announced a S$10 million Series A round in August 2016 led by Sequoia India and Alpha JWC Ventures. In April 2018, it announced a US$25 million Series B round led by SoftBank Ventures Korea, with participation from existing investors Sequoia India, Alpha JWC Ventures, and Golden Gate Ventures, as well as Qualgro and LINE Ventures. These investments supported regional growth and the development of its digital lending infrastructure. The brand’s core offering is business financing rather than consumer credit. Its services are oriented toward working capital, business expansion, and other short-duration needs, although the precise product mix can vary by market and regulatory framework. Funding Societies is notable in Singapore for being described as the first platform of its type there to use an escrow agency to independently manage investor funds. This arrangement was intended to provide an additional layer of separation and protection in the handling of funds on the platform. According to the cited company description in the Wikipedia article, Funding Societies had disbursed more than US$2.6 billion in business financing through more than 5.1 million loan transactions by the time of that account. Because the source does not provide a clear reporting date for those figures, they should be treated as undated cumulative claims rather than as a current financial-year measure. The company remains an active private fintech brand serving Southeast Asian MSMEs, with its identity built around digital access to business funding, regional coverage, and partnerships with banks, payment platforms, and technology companies.
History
Funding Societies was established in 2015 by Kelvin Teo and Reynold Wijaya while they were pursuing MBAs at Harvard Business School. The founders designed the company around the financing difficulties experienced by small and medium-sized businesses, particularly businesses that could be viable but underserved by traditional bank lending. Its initial platform allowed SMEs to submit financing requests online and enabled investors to fund business loans through a digitally administered marketplace. The company began operations in Singapore. During its first month, it reportedly received approximately SGD 3 million in loan applications, of which around SGD 250,000 was disbursed. The platform’s standard loan duration was described as between three months and one year, with borrowing capacity of up to SGD 2 million. Funding Societies also became notable for using an escrow agency in Singapore to manage investors’ funds independently, an arrangement intended to improve operational safeguards and separation of funds. Regional expansion followed quickly. In January 2016, the company launched in Indonesia under the name Modalku. The Indonesian name was selected to communicate the idea of “My Capital” in Bahasa Indonesia. In April 2016, Funding Societies formed a partnership with DBS Bank. Later that year, in November, its Malaysian operation became one of six licensed SME lending platforms recognised and regulated by Malaysia’s Securities Commission. These developments gave the company a presence in multiple regulatory environments while maintaining a common digital-financing proposition. The business attracted venture investment as it scaled. In August 2016, it raised S$10 million in Series A funding led by Sequoia India and Alpha JWC Ventures. In April 2018, it announced a US$25 million Series B round led by SoftBank Ventures Korea. The round also included existing backers Sequoia India, Alpha JWC Ventures, and Golden Gate Ventures, alongside Qualgro and LINE Ventures. The financing was intended to support the company’s regional growth and technology development. Funding Societies broadened its distribution strategy through ecosystem partnerships. In 2020, it and Razer Fintech announced an arrangement to offer short-term business financing to merchants using Razer Merchant Services. The relationship connected the company’s lending capabilities with a payments and merchant-services network. In February 2021, Funding Societies expanded into Thailand, adding another market to its Southeast Asian operating footprint. The company’s principal business remains digital financing for SMEs and MSMEs. Its services generally address short-duration business needs such as working capital and growth funding, with individual products shaped by local rules and market conditions. In Indonesia, the Modalku brand distinguishes the local operation, while Funding Societies is used across much of the rest of the regional network. The cited Wikipedia account states that the platform had disbursed more than US$2.6 billion through more than 5.1 million loan transactions. The source does not specify a precise date or reporting period for these cumulative figures, so they cannot be treated as a dated annual performance measure. Funding Societies is described as an active Singapore-based regional fintech company whose brand proposition centres on improving digital access to business capital for underserved smaller enterprises.
- 2021
Thailand expansion
[1]The company expands its operations into Thailand.
- 2020
Razer Fintech merchant-financing partnership
[1]Funding Societies and Razer Fintech announce short-term financing for merchants using Razer Merchant Services.
- 2018
Series B financing
[1]Funding Societies raises US$25 million in a Series B round led by SoftBank Ventures Korea, with participation from existing and new investors.
- 2016
Modalku launches in Indonesia
[1]The company enters Indonesia under the Modalku brand, whose name refers to personal or business capital in Bahasa Indonesia.
- 2016
DBS Bank partnership
[1]Funding Societies secures a partnership with DBS Bank as part of its regional financing development.
- 2016
Series A financing
[1]The company raises S$10 million in Series A funding led by Sequoia India and Alpha JWC Ventures.
- 2016
Malaysia platform receives regulatory recognition
[1]Funding Societies Malaysia becomes one of six licensed SME lending platforms recognised and regulated by Malaysia’s Securities Commission.
- 2015
Funding Societies is founded
[1]Kelvin Teo and Reynold Wijaya establish the digital SME financing platform while studying for MBAs at Harvard Business School.
Products and positioning
A regional fintech financing platform that helps Southeast Asian small and medium-sized businesses obtain faster, digitally administered business funding, while connecting financing demand with investors and institutional capital.
Business lending · 2015
Digital SME financing
Funding Societies’ core service is an online financing platform for small and medium-sized businesses. Borrowers can seek funding digitally rather than relying exclusively on conventional branch-based lending. The platform connects business financing demand with investors or other sources of capital and is designed around shorter-duration loans. The standard loan period described in the reference material ranges from three months to one year, while the maximum stated borrowing amount is SGD 2 million.
Indonesia digital lending · 2016
Modalku
Modalku is the Indonesian operating brand of Funding Societies. Its name means “My Capital” in Bahasa Indonesia and was introduced when the company entered Indonesia in January 2016. The service applies the group’s regional digital-financing model to Indonesian SMEs and investors, subject to the requirements of the local market and regulatory environment.
Merchant lending · 2020
Merchant financing
Funding Societies’ merchant-financing proposition provides short-term business funding to merchants reached through commerce and payment ecosystems. In 2020, the company announced a partnership with Razer Fintech to offer such financing to merchants using Razer Merchant Services. The partnership illustrates the use of embedded or ecosystem-based distribution alongside the company’s direct digital platform.
Brand decisions
2021
Expansion into ThailandStrategyBackground
Funding Societies continued its strategy of building a multi-market Southeast Asian SME-financing network.
Action taken
The company expanded its operations into Thailand in February 2021.
Aftermath
Thailand was added to the company’s regional market footprint.
2020
Merchant-financing partnership with Razer FintechStrategyBackground
The company sought to distribute short-term business financing through a digital merchant-services ecosystem.
Action taken
Funding Societies partnered with Razer Fintech to offer financing to merchants using Razer Merchant Services.
Aftermath
The arrangement expanded Funding Societies’ partnership-led route to merchant customers.
2018
Series B capital raiseOtherBackground
Funding Societies pursued additional capital for regional scaling and technology development after its initial expansion.
Action taken
The company raised US$25 million in Series B funding led by SoftBank Ventures Korea, with participation from existing and new investors.
Aftermath
The round strengthened the company’s investor base and provided further financing for growth.
Series B funding. USD 25 million raised (April 2018)
2016
Launch of the Modalku regional-market brandStrategyBackground
Funding Societies sought to expand beyond Singapore and reach Indonesian SMEs through a locally recognisable identity.
Action taken
The company launched Modalku in Indonesia, using a Bahasa Indonesia name meaning “My Capital.”
Aftermath
Indonesia became part of the group’s Southeast Asian operating network under a market-specific brand.
2016
Series A capital raiseOtherBackground
The company needed capital to develop its platform and support early regional expansion.
Action taken
Funding Societies raised S$10 million in Series A financing led by Sequoia India and Alpha JWC Ventures.
Aftermath
The funding supported the company’s continued development and market expansion.
Series A funding. SGD 10 million raised (August 2016)
Sources1 sources
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