P2P platform raises RM100m
Published on: Thursday, April 19, 2018
Kuala Lumpur: Malaysia's leading peer-to-peer (P2P) financing platform, Funding Societies, has raised RM100 million in its Series B funding, the largest funding round raised by a P2P financing platform in Southeast Asia.In a statement on Thursday, Funding Societies Malaysia said the funding round was led by an early stage venture capital arm of SoftBank Group, Softbank Ventures Korea, existing investors Sequoia India, Alpha JWC Ventures (Indonesia), Golden Gate Ventures, Qualgro and LINE Ventures.Softbank Ventures Korea Partner and Managing Director Sean Lee said the venture capital firm had been actively investing across Southeast Asia as it saw a huge growth potential in the small and medium enterprises (SMEs) digital lending in the region. ADVERTISEMENT Stay up-to-date by following Daily Express’s Telegram channel.
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Meanwhile, Funding Societies Malaysia Chief Executive Officer Wong Kah Meng said this funding round would help advance their mission to improve the livelihoods of SMEs and individuals through greater access to financing and investments in Malaysia and Southeast Asia."From our local experience, we recognise that there are significant and practical challenges in serving SMEs and individuals, leaving them sidelined by traditional institutions. – Bernama