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- Funding Societies
Funding Societies Valuation, Funding & Investors
Funding Societies is valued at $500M as of April 2018.
Last Funding Societies valuation
$500M
Series B · Apr 2018
Last Funding Societies funding round
$25M
Undisclosed stage · Dec 2024
Cumulative funding Funding Societies raised
$251M
across 6 funding rounds
Key investors in Funding Societies
Peak XV Partners
Flybridge
Alpha JWC Ventures
The Graduate Syndicate
BRI Ventures
Bossa Invest
About Funding Societies
Funding Societies is a Singapore-headquartered digital finance platform operating P2P lending marketplaces in Southeast Asia. It connects SMEs in Singapore, Malaysia, Indonesia, and Thailand with investors for short-term loans up to SGD 5 million, having disbursed over $3 billion since 2015. The platform uses AI underwriting and serves sectors like retail and logistics across the region.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Commission
Valuation
$500M (Apr 2018)
Funding Societies Valuation
Funding Societies is currently valued at $500M, based on its Series B in April 2018.
The $25M round was led by SBVA, with participation from Line, Qualgro VC, Alpha JWC Ventures, Mahanusa Capital, Golden Gate Ventures and 1 other investor.
Funding Societies' valuation has grown 24x from $21M at its Series A in August 2016 to $500M in April 2018, across 2 priced rounds.
Funding Societies valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2018 | Series B | $500M |
| Aug 2016 | Series A | $21M |
Funding Societies Funding History
Funding Societies has raised a total of $251M across 6 funding rounds.
Funding Societies' first fundraising round was a $7M Series A in August 2016. The most recent completed round was a $25M undisclosed-stage round in December 2024.
Funding Societies funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2024 | Undisclosed stage | Cool Japan Fund (lead) | $25M | - | Funding Societies | Modalku is the largest unified SME digital finance platform in Southeast Asia, operating in Singapore, Indonesia, Malaysia, Thailand, and Vietnam. It provides SME financing, receivables solutions, payment processing, and digitized lending operations powered by technology and AI. The company raised a US$25 million equity investment from Cool Japan Fund (CJF), Japan's sovereign wealth fund, on December 19, 2024, marking CJF's first investment in a Southeast Asian fintech. Cool Japan Fund led the round as the sole investor. The funds will strengthen core SME financing across its five markets, expand payments business, enhance receivables and financing solutions, and support Japanese companies expanding into Southeast Asia by facilitating ties with local SMEs. This builds on 2024 milestones, including a strategic equity investment from Maybank and a third annual credit facility from HSBC’s ASEAN Growth Fund, with cumulative commitments over US$100 million. The partnership aims to boost demand for Japanese products and services in the region, leveraging Funding Societies' experience with Japanese firms, suppliers, and customers. To date, Funding Societies has provided over US$4 billion in financing to approximately 100,000 SMEs and processed an annualized gross transaction value (GTV) of over US$1.4 billion through its payments platform since 2022. Its total loanbook expanded over 20% to US$71 billion in 2024 and is projected to reach US$200-300 billion by 2030. Earlier funding included $27 million debt from AlteriQ Global in 2023 and $7.5 million debt from Norfund. |
| Feb 2022 | Series C | SoftBank Group (lead); BRI Ventures; VNG; Flybridge; AVV; EDBI; Indies Capital Partners; Rapyd Ventures; K3 Ventures; Peak XV Partners | $144M | - | Funding Societies, operating as Modalku in Indonesia, is Southeast Asia's largest SME digital financing platform, providing short-term loans to micro, small, and medium enterprises (MSMEs) using alternative credit scoring and AI technology. Licensed in Singapore, Indonesia, Malaysia, and Thailand, and operating in Vietnam, it disbursed over $2 billion in financing through more than 4.9 million loan transactions since 2015, serving businesses from neighborhood stores to medium-sized enterprises seeking faster financing than traditional bank loans. On February 15-16, 2022, Funding Societies raised $144 million in an oversubscribed Series C+ equity round led by SoftBank Vision Fund 2, with participation from new investors VNG Corporation, Rapyd Ventures, EDBI, Indies Capital Partners, K3 Ventures, Ascend Vietnam Ventures, and existing backers including Peak XV Partners (formerly Sequoia Capital India), BRI Ventures, and others matching the query. The round also included $150 million in debt lines from institutional lenders in Europe, the US, and Asia, totaling $294 million in funding. Of the equity portion, $16 million was allocated for share buybacks under the company's stock option plan for former and existing employees. The funding aims to fuel expansion of its expense management, B2B payments, and neobanking services for MSMEs across Southeast Asia, building on its previous $45 million Series C raised between 2020 and 2021. The platform positions itself as bridging the financing gap for SMEs lacking traditional credit records, competing with informal funding sources rather than banks. |
| Jun 2020 | Series C | BRI Ventures (lead); Endeavor Catalyst; Bossa Invest | $40M | - | Funding Societies is Southeast Asia's leading SME digital financing platform, operating as a peer-to-peer lending service (known as Modalku in Indonesia) that provides micro-loans from US$500 to US$1.5 million to small and medium enterprises across Singapore, Indonesia, Malaysia, Thailand, and Vietnam. The company uses an AI-led credit model and offers value-added products like expense management and B2B payments to address MSME financing challenges. By November 2020, it had disbursed over S$1.8 billion across 3.3 million loans to 200,000 individual lenders. In 2021, it annualized US$1 billion in loan disbursements. The specified June 2020 funding round involved BRI Ventures (as lead), Endeavor Catalyst, and Bossa Invest (likely referenced as Endeavor in sources), part of an ongoing round that doubled the company's Series B post-money valuation from 2018, with additional investors like Samsung Venture Investment, SGInnovate, Sequoia India, SoftBank Ventures Asia, and Qualgro. Funds from related investments supported expansion of the tech arm FS Technologies, regional technology team growth, and SME lending via credit lines from Asian and European institutions. Funding Societies continued growth with later rounds like US$294M Series C+ in Feb 2022 led by SoftBank Vision Fund 2 (including BRI Ventures), totaling over $506M raised across 25 rounds by 2025, plus debt facilities (e.g., US$50M with HSBC) and acquisitions like CardUp. |
| Apr 2018 | Series B | SBVA (lead); Line; Qualgro VC; Alpha JWC Ventures; Mahanusa Capital; Golden Gate Ventures; Peak XV Partners | $25M | $500M | Funding Societies is a peer-to-peer lending platform founded in 2015 that connects small and medium-sized enterprises (SMEs) across Southeast Asia with retail and institutional lenders. The platform uses alternative credit scoring methods to serve MSMEs that lack traditional credit records or collateral, positioning itself as the region's largest SME digital financing platform. It operates loan marketplaces in Singapore, Indonesia, and Malaysia, offering digital loans ranging from $500 to $1.5 million to customers including neighborhood stores, e-commerce vendors, and medium-sized enterprises. In its Series C funding round led by SoftBank Ventures Asia, Funding Societies raised $25 million at a $500 million valuation, with participation from investors including Sequoia India, Qualgro, LINE Ventures, and others. By April 2018, the company had disbursed more than $2 billion in cumulative business financing across more than 4.9 million loan transactions and maintained an industry-leading default rate of less than 1.5%. The platform had grown its lender base to over 75,000 investors and its loan book had doubled from SGD 100 million to SGD 200 million in just six months, demonstrating rapid growth and strong demand for SME financing in Southeast Asia. |
| Aug 2017 | Series A | The Graduate Syndicate (lead) | $10M | - | - |
| Aug 2016 | Series A | Peak XV Partners (lead); The Graduate Syndicate; Flybridge; Alpha JWC Ventures | $7M | $21M | Funding Societies raised a $7.5 million Series A round in August 2016 led by Sequoia India (now Peak XV Partners), with participation from Alpha JWC Ventures, Flybridge, and The Graduate Syndicate. The Singapore-based peer-to-business lending marketplace connects investors with SMEs seeking loans. By the time of the round, it had paid out $8.7 million across 96 loans with a 94% repayment rate. The company launched in June 2015 and focused on SME financing in Southeast Asia, differentiating from consumer lending platforms. Proceeds supported expansion into Malaysia, where regulatory approval was pending, and preparation for incoming regulations in the region. Funding Societies emphasized steady growth over hyper-growth to manage default rates, targeting breakeven in two to three years with a team of about 70 employees. |
Who has invested in Funding Societies?
20 investors have backed Funding Societies across its funding rounds, including Peak XV Partners, Flybridge, Alpha JWC Ventures, The Graduate Syndicate, BRI Ventures and Bossa Invest.
Lead investors include Cool Japan Fund, SoftBank Group, BRI Ventures, SBVA, The Graduate Syndicate and 1 other investor.
Funding Societies Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Aug 2016 | ||
| 2 | Lead | Jun 2020 | ||
| 2 | Lead | Aug 2016 | ||
| 2 | Participant | Aug 2016 | ||
| 2 | Participant | Aug 2016 | ||
| 1 | Participant | Apr 2018 | ||
| 1 | Participant | Apr 2018 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Lead | Feb 2022 | ||
| 1 | Lead | Apr 2018 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Participant | Apr 2018 | ||
| 1 | Participant | Jun 2020 | ||
This data is available for Pro users. Sign up to see all 20 Funding Societies investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by Funding Societies
Funding Societies has acquired 1 company to date.
Last acquisition by Funding Societies was on June 29th 2022. Funding Societies acquired CardUp for undisclosed valuation.
Latest Acquisitions by Funding Societies
| Description | CardUp is a Singapore-headquartered payment platform licensed by the Monetary Authority of Singapore, operating in Singapore, Hong Kong, and Malaysia. It enables businesses and individuals to pay rent, insurance, payroll, and invoices via credit cards, automating collections and unlocking card rewards without coding. |
| HQ Country | |
| HQ City | Singapore |
| Deal Date | 29 Jun 2022 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Funding Societies acquisitions and their M&A valuation multiples. Start Free Trial | |
Funding Societies Competitors
Funding Societies competitors include listed companies like Upwork and Shutterstock, and private ones like M1xchange, Igloo, Partly and Captain Fresh.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $333M | - | ||
| Private | $55M | - | $303M | 5.5x | ||
| Private | - | - | $500M | - | ||
| Private | - | - | $521M | - | ||
| Publicly listed | $788M | $180M | $1.1B | 1.1x | ||
| Publicly listed | $990M | $158M | $181M | 0.3x |
Funding Societies Public Comps
Funding Societies is still privately-owned, but its public comps include goeasy, eGuarantee, eDreams ODIGEO, trivago, Gloo, Pepper Money, United International Holding, ZKH Group, En and Nerdwallet.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.2B | ($76M) | 2.9x | 3.1x | (47.1x) | - | |||
| $71M | $34M | 6.2x | 6.1x | 13.2x | 12.4x | |||
| $770M | $161M | 1.1x | 1.1x | 5.4x | 5.3x | |||
| $632M | $13M | 0.5x | 0.5x | 24.3x | 10.9x | |||
| $95M | ($136M) | 5.0x | 3.0x | (3.5x) | (11.4x) | |||
| $360M | - | 33.4x | 39.9x | - | - | |||
| $205M | $84M | 2.5x | 2.6x | 6.1x | - | |||
| $1.3B | ($19M) | 0.2x | 0.2x | (13.6x) | 33.7x | |||
This data is available for Pro users. Sign up to see all Funding Societies competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Funding Societies
| When was Funding Societies founded? | Funding Societies was founded in 2015. |
| Where is Funding Societies headquartered? | Funding Societies is headquartered in Singapore, Singapore. |
| Is Funding Societies publicly listed? | No, Funding Societies is a private, VC-backed company. |
| What is Funding Societies' valuation? | Funding Societies was last valued at $500M in its Series B in April 2018. |
| How much funding has Funding Societies raised? | Funding Societies has raised $251M across 6 funding rounds. |
| What was Funding Societies' last funding round? | Funding Societies' last funding round was a $25M undisclosed-stage round in December 2024, led by Cool Japan Fund. |
| Who are Funding Societies' investors? | Funding Societies' investors include Peak XV Partners, BRI Ventures, The Graduate Syndicate, Flybridge, Alpha JWC Ventures, Line, Qualgro VC, VNG, SoftBank Group, SBVA and 10 others. |
| Which companies are comparable to Funding Societies? | Companies comparable to Funding Societies include M1xchange, Igloo, Partly, Captain Fresh, Upwork and Shutterstock. |
| How many companies has Funding Societies acquired? | Funding Societies has acquired 1 company, including CardUp. |
See companies similar to Funding Societies
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