Funding Societies - a peer-to-business (P2B) lending marketplace in Singapore - has raised S$10 million in Series A funding.
The round was led by Sequoia India together with experts from Harvard University and existing investors such as Alpha JWC Ventures.
"P2B lending is a capital and knowledge-intensive business. We believe in working with the best in the industry and are proud to partner with Sequoia in this journey. Their experience investing in online lending platforms will bring Funding Societies to the next level. We will continue serving SMEs and lenders with the same focus on sustainable, quality growth," said Kelvin Teo, Co-Founder of Funding Societies, in a press release.
Funding Societies said the acquired funds will be used to enhance the infrastructure of its lending platform, streamline services for borrowers and lenders, and comply with regulatory variations in Singapore, Malaysia, and Indonesia.
"Sequoia has been impressed by Funding Societies' strong team and their ability to execute across Southeast Asia. In a large market, 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 Pieter Kemps, Vice-President at Sequoia.
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