Funding Societies raises strategic equity investment from Gobi Partners

SME digital finance platform Funding Societies (also known as Modalku in Indonesia) today announced a strategic equity investment from
venture capital firm Gobi Partners.

Kelvin Teo, Co-founder and Group CEO of Funding Societies, said, “We are honoured to receive this strategic investment from Gobi Partners. At a time when market conditions have led to increased caution toward fintech firms, this partnership is a testament to our strong fundamentals and commitment to financial inclusion. SMEs remain the backbone of Southeast Asia’s economy, and we will continue to be dedicated to providing them with accessible and responsible financing solutions to help them grow and thrive.”

In a press statement, Funding Societies said that this investment from Gobi Partners will help further enhance its technology-driven approach, leveraging AI and automation to streamline lending processes and improve risk management.

The company also said that despite economic uncertainties, it remains committed to its mission of empowering SMEs with tailored digital financial products that address their evolving needs.

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Funding Societies said it has already disbursed over US$4 billion in business financing to approximately 100,000 SMEs and processed an annualised payments gross transactions value (GTV) of over US$1.4 billion.

The company is licensed in Singapore, Indonesia, and Thailand, registered in Malaysia, and operates in Vietnam.

Recent milestones announced by Funding Societies include equity investments from Cool Japan Fund and Maybank and a third annual credit facility from HSBC’s ASEAN Growth Fund, which is part of an accumulative commitment of over US$100 million credit facility with the bank.

Thomas G. Tsao, Co-founder and Chairperson of Gobi Partners, commented, “Funding Societies has consistently demonstrated strong execution and resilience in SME financing, making a meaningful impact on businesses across the region. Our investment underscores our confidence in their ability to navigate economic cycles, drive fintech innovation, and continue closing the SME credit gap. We are excited to partner with them on this journey to strengthen financial inclusion across Southeast Asia.”

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Image Credit: Funding Societies

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