Singaporean business-lending marketplace Funding Societies has raised S$10m ($7.4m) in a new round of funding led by the Sequoia India, the regional arm of the VC giant.
The company says that its “peer-to-business� marketplace has provided S$8.5m ($6.3m) in loans to SMEs in Singapore since its launch in June 2015.
Harvard University experts and existing investor Alpha JWC Ventures also participated in the round.
Funding Societies says that it will use the capital to improve its customer experience, as well as to navigate the regulatory environments of Singapore, Malaysia and Indonesia.
South-East Asia is seen to hold massive potential for fintech startups, particularly in providing consumers and small businesses with access to banking services previously unavailable to most.
Sequoia’s VP Peiter Kemps highlighted the company’s position in this market an influencing factor saying: “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 endeavour.�
Outside of Singapore the company is currently also operating in Indonesia through its sister platform Modalku.
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