SINGAPORE - LOCAL peer-to-peer lender Funding Societies said on Tuesday (Jan 23) it has cracked the S$100-million mark in total crowdfunded SME loans across Singapore, Indonesia and Malaysia.
It said this is the highest total crowdfunded amount reached by any peer-to-peer lending platform in Southeast Asia. Funding Societies also reported the default rate of its crowdfunded loans to be at 1.5 per cent.
Started in 2015, Funding Societies provides business financing to underserved SMEs for their working capital and expansion needs. It has raised S$10 million in capital through a Series A funding round led by Sequoia Capital.