Funding Societies

What Funding Societies does

Funding Societies is a Singapore-headquartered digital financing and debt investment platform that provides short-term financing to small and medium enterprises (SMEs) across Southeast Asia. Founded in 2015 by Kelvin Teo and Reynold Wijaya, the company operates in five markets — Singapore, Indonesia (under the Modalku brand via PT Mitrausaha Indonesia Grup), Malaysia, Thailand, and Vietnam — and has disbursed over US$4 billion to more than 100,000 SMEs, positioning itself as the largest SME digital financing platform in the region.

The platform's product stack spans unsecured SME lending (Start-Up Financing, Micro Loans, Business Term Loans), trade and invoice financing (AP Financing, AR Financing, Trade Term Loan), and secured property-backed loans up to S$4 million, all delivered through the Elevate unified platform that integrates business accounts, cards (powered by Matchmove Pay and CardUp), and payments infrastructure. Underlying technology includes MyInfo-based digital KYC, digital credit decisioning with approvals in as fast as 24 hours, NCB Thailand bureau integration, and an Intercom-powered AI chatbot ("Shane"). The firm holds a Capital Markets Services License from MAS (CMS100572), a Major Payment Institution License via CardUp (PS20200484), and OJK licensing in Indonesia, giving it regulated reach across the region.

Funding Societies generates revenue through five streams: interest income on SME loans (rates typically 0.6%-1.3% per month), origination and processing fees (e.g., 3.5%-5%+ on term loans, S$500 on start-up products), an 18% investor service fee on debt investment returns, fund management fees on co-managed income products (such as the Tradeview Funding Societies Income Fund targeting 6% p.a.), and payments revenue from CardUp. Capital is sourced from a tier-1 institutional base including SoftBank Vision Fund 2 (US$144M round in 2022), Maybank, Khazanah Nasional, Cool Japan Fund, HSBC credit facilities, and Norfund debt. Distribution combines a self-serve Elevate platform for SMBs, inside sales for larger tickets, bank-led channel partnerships (Maybank, VPBank, Boost Bank, GXS Bank), and embedded finance via SGeBIZ and Lazada. The investor side enables individuals and institutions to invest from S$20 across Property-Backed, Invoice Financing, and Business Term Loan products with historical weighted average returns of 7.09%.

Name

Funding Societies

Legal name

Funding Societies Pte. Ltd.

Website

https://fundingsocieties.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

101–250 employees

Short description

Funding Societies is a Singapore-headquartered digital financing platform providing short-term loans, invoice financing, and property-backed secured loans to SMEs across Singapore, Indonesia, Malaysia, Thailand, and Vietnam, funded by retail and institutional investors via a regulated debt investment marketplace.

Ownership category

akta.pro rank

Product category

Digital SME Lending

NAICS

Sales Financing (52222), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Loan Brokers (6163), Short-Term Business Credit Institutions (6153), Finance Services (6199)

akta.pro primary industry

SME Lending Platforms & Embedded SME Credit (FSAKAGAJ)

akta.pro secondary industries

P2P Small Business / SME Marketplace Lending (FSAKAHAC), Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P) (FSAGAAAF)

Keywords

• SME digital lending
• Debt investment platform
• P2P financing
• Invoice financing
• Property-backed loans

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Interest income on SME loans: Primary revenue: Funding Societies earns interest from borrowers across product lines (Micro Loans, Business Term Loans, Property-Backed, Trade Term Loans, AP/AR Financing). Rates typically charged per month, e.g., 0.6%-1.3% per month depending on product and risk.
2. Origination and processing fees: One-time origination fees charged on loan products (e.g., S$500 for Start-Up Financing, 3.5%-5%+ for Business Term Loans, from S$1,000 for Start-Up Financing PRO). Also includes service/penalty fees.
3. Investor service fees: Platform charges investors a service fee (18% of interest earned) on returns generated through the debt investment products (Property-Backed Secured, Invoice Financing, Business Term Loan investments).
4. Fund management / co-managed fund fees: Management and performance fees from joint income funds such as the Tradeview Funding Societies Income Fund (TFSIF) targeting 6% p.a. return for investors in Malaysian SME private credit.
5. Payments and transaction revenue via CardUp: Revenue from CardUp's digital payments business (acquired 2022) covering card processing for invoice and payments use cases for businesses, operated under a Major Payment Institution License in Singapore.

Pricing tiers

Go-to-market motion5 records

Distribution channels5 records

Marketing channels9 records

Core offering

Funding Societies operates a digital marketplace platform that provides short-term financing to small and medium enterprises (SMEs) in Southeast Asia through products such as Start-Up Financing, Micro Loans, Business Term Loans, AP/AR Financing, Property-Backed Secured Financing, and Trade Term Loans. The platform connects SME borrowers with individual and institutional investors via a MAS-regulated debt investment marketplace. The group also offers the Elevate super-app combining business accounts, cards, and financing workflows, and operates the acquired CardUp digital payments and invoicing business.

Product overview

Funding Societies is a multi-module digital financing and debt investment platform operating as a platform-plus-modules architecture spanning Singapore, Indonesia (Modalku), Malaysia, Thailand, and Vietnam. The core platform combines (i) SME lending products fulfilled by FS Capital Pte Ltd — Start-Up Financing, Micro Loans, Business Term Loans (incl. PRO), Accounts Payable Financing, Accounts Receivable (Invoice) Financing, Property-Backed Secured Financing, and Trade Term Loan — with (ii) the Elevate super-app (built jointly with the acquired CardUp) that unifies cash, financing, and payments, and (iii) a MAS-regulated Debt Investment platform that lets individuals and institutions invest in SME loans from S$20. CardUp functions as the acquired digital payments and invoicing brand powering Elevate's card and wallet infrastructure (via Matchmove Pay). The platform is operated by multiple legal entities (Funding Societies Pte. Ltd., FS Capital Pte. Ltd., FS Technologies Pte. Ltd., CardUp Pte. Ltd., and PT Mitrausaha Indonesia Grup / Modalku).

Differentiator

Problem solved

Functional benefit

Brands

• Modalku: Brand used for Funding Societies' Indonesian P2P lending operations; operated by PT Mitrausaha Indonesia Grup and licensed by OJK (KEP-81/D.05/2019).
• CardUp
• Elevate

Products and services

• Start-Up Financing (including PRO) Short-term fixed-principal financing of S$10,000 or S$20,000 with 0% interest on timely repayments over a 5-month tenor, fulfilled by FS Capital Pte Ltd and targeted at newly incorporated Singapore SMEs.
• Micro Loans Small unsecured loans ranging from S$10,000 to S$150,000 for Singapore SMEs with at least 6 months operating history, with up to 18-month tenor and 24-hour disbursement, underwritten using alternative credit data rather than personal credit scores alone.
• Business Term Loans (including PRO) Unsecured term financing for SMEs between S$100,000 and S$1,000,000 with up to 36-month tenor (PRO) and no collateral required, fulfilled by FS Capital Pte Ltd.
• Accounts Payable (AP) Financing Trade financing in which FS Capital pays supplier invoices 100% upfront within 3 working days; credit line up to S$500K with up to 90-day tenor and cross-border forex conversion supported via partners.
• Accounts Receivable (AR) Financing Invoice-backed credit line up to S$1 million financing up to 90% of invoice value with up to 120-day tenor, offered as notified and non-notified arrangements, fulfilled by FS Capital and FSPL.
• Property-Backed Secured Financing Secured loans up to S$4 million financing up to 80% of property value, applicable to commercial, industrial, or residential properties, fulfilled by FS Capital Pte Ltd.
• Trade Term Loan Reusable invoice-backed trade financing facility from S$100K to S$300K (valid 12 months) that funds 100% of supplier invoices upfront within 2 working days, repaid in 6 equal monthly instalments per drawdown, fulfilled by FS Capital Pte Ltd.
• Elevate Platform Unified business cash management, financing, and payments platform built by Funding Societies and CardUp, combining the Elevate Account and Cards (powered by Matchmove Pay) with digital loan onboarding.
• Debt Investment Platform MAS-regulated peer-to-peer debt investment platform where individuals and institutions invest in SME business financing from S$20 per note, offering Property-Backed Secured Investment (4-8% p.a.), Invoice Financing Investment (8-18% p.a.), Revolving Credit Investment, and Business Term Investment.
• Tradeview Funding Societies Income Fund (TFSIF) Wholesale private credit income fund launched in partnership with Tradeview Capital, investing primarily in Malaysian SME short-term notes, collateral-backed and guaranteed notes, targeting 6% per annum returns.
• CardUp Digital Payments and Invoicing Singapore-based digital payments and invoicing platform acquired by Funding Societies in June 2022, holding a MAS Major Payment Institution License (PS20200484) and powering the Elevate Account and Cards offering.

Quantifiable outcome

• Over US$4 billion disbursed to 100,000+ SMEs across Southeast Asia
• +4 more outcomes

Named customers14 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability7 records

Feature6 records

Partnerships

Nine partnerships are on record, tiered core, flagship and minor.

• Boost BankcoreStrategic or Co-development Partner · 18 May 2026Funding Societies and Boost Bank announced a strategic partnership to expand property-backed business financing for SMEs in Malaysia. Funding Societies will originate property-backed loans supported by Boost Bank's balance sheet participation.
• GXS BankcoreStrategic or Co-development Partner · 27 April 2026GXS Bank and Funding Societies launched SME property-backed loans in April 2026, offering the GXS Biz Property-Backed Loan as part of Funding Societies' product line in Singapore, combining GXS Bank's digital banking with Funding Societies' lending expertise.
• National Credit Bureau (NCB) ThailandcoreTechnology or Integration · 28 November 2025Funding Societies Thailand's FS Capital became a member of the National Credit Bureau (NCB) Thailand in November 2025. This enables faster loan approvals and improved creditworthiness assessment for Thai SMEs through access to national credit data.
• Tradeview CapitalcoreStrategic or Co-development Partner · 17 October 2025Tradeview Capital and Funding Societies launched the Tradeview Funding Societies Income Fund (TFSIF) in October 2025, a private credit income fund focused on Malaysian SMEs. The fund offers a targeted return of 6% per annum through diversified investments in Funding Societies' SME loan book.
• VPBankcoreStrategic or Co-development Partner · 20 June 2025Funding Societies partnered with VPBank in June 2025 to facilitate SME financing access in Vietnam, leveraging VPBank's local banking infrastructure and Funding Societies' digital lending capabilities.
• SGeBIZcoreGTM or Marketing Partner · 24 April 2024Funding Societies entered a strategic partnership with SGeBIZ in April 2024 to bring embedded finance solutions for SMEs in Singapore, integrating lending offerings within the SGeBIZ platform.
• CardUpflagshipStrategic or Co-development Partner · 29 June 2022Funding Societies acquired CardUp, a Singapore-based digital payments and invoicing company, in June 2022, subject to regulatory approval. The acquisition enhances Funding Societies' digital financial services for SMEs across Southeast Asia, and CardUp is now part of the Funding Societies group offering the Elevate Account and Cards product.
• MatchmovecoreTechnology or IntegrationMatchmove Pay Pte Ltd powers the Elevate Cards product offered by CardUp (part of the Funding Societies group). The partnership enables wallet and card infrastructure for the platform's SME business account offering.
• Lazada (Lazada Sustainability Academy)minorGTM or Marketing PartnerModalku (Funding Societies' Indonesian brand) participated in Lazada Sustainability Academy's Seller Accelerator Camp, signing an MoU as a financing partner to support Lazada sellers in Indonesia.

Scale indicators14 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Validus: Singapore-headquartered P2P SME lending platform operating across SEA, providing short-term working capital loans to SMEs and a marketplace for investor participation — directly comparable business model, geography, and product set to Funding Societies.
• Modalku (Funding Societies Indonesia): Funding Societies' own Indonesian brand operated via PT Mitrausaha Indonesia Grup, but functions as a comparable P2P SME lender in Indonesia under the same model — included as a benchmark for the regional SEA SME P2P lending category.
• KoinWorks: Indonesian P2P fintech lending platform offering SME financing and personal loans under OJK supervision; directly comparable to Funding Societies' Modalku business in Indonesia and overall SEA P2P SME lending model.
• Investree: Indonesia-based P2P lending platform focused on SME financing, licensed by OJK; comparable business model and target customer segment as Funding Societies' Modalku operations in the Indonesian market.
• Lulalend: Singapore-headquartered digital lending platform providing short-term working capital to SMEs; directly comparable product offering, target segment, and geography to Funding Societies' core Singapore SME lending business.

Emerging players

• Aspire: Singapore-headquartered neobank offering SME business accounts, cards, and financing products across SEA; comparable in serving SEA SMEs with a digital financial services stack but broader focus on treasury/operations than pure lending.
• Atome: Singapore-headquartered digital financial services platform offering BNPL and increasingly SME/merchant financing across SEA; overlapping regional footprint and SME target market with Funding Societies.

Broad incumbents

• Grab Financial Group: SEA super-app with GrabFin offering SME lending, pay-later, and merchant financing across the region; broader incumbent with much larger scale but overlapping SEA SME financing use cases.
• GoTo Financial (GoPay, GoPintar): Indonesia-focused fintech arm of GoTo providing payments, lending, and merchant services to SMEs and consumers; large incumbent with comparable Indonesian SME lending exposure to Funding Societies' Modalku brand.

Others

• MatchMove Pay: Singapore-based digital payments infrastructure provider that powers Funding Societies' Elevate Account and Cards product via Matchmove Pay; included as an adjacent infrastructure/enabler rather than a direct competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/FundSocietiesMy
• YouTubeyoutube.com/channel/UCGVXAIgxMlPi_tl_5t1B9wA
• Facebookfacebook.com/fundingsocieties
• LinkedInlinkedin.com/company/funding-societies
• Instagraminstagram.com/fundingsocieties
• TikToktiktok.com/notfound

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries4 records

Funding overview

Funding rounds20 records

Investors39 records

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M&A1 record

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Funding Societies