Funding Societies, a Singapore-based small and medium-sized enterprise (SME) digital financing platform, has officially launched in Vietnam on Tuesday, marking its fifth market expansion.
Addressing the SME financing gap in Vietnam, where the SME landscape is growing yet financially underserved, is a natural next step for the FinTech company as it pushes further into Southeast Asia, Funding Societies said in a statement.
As the leading SME digital lender in Southeast Asia, Funding Societies serves as a platform for SME financing with an artificial intelligenc (AI)-led credit model, offering traditional term loans, customisable financing solutions, and a range of trade-based financing options, such as invoice financing.
In its seven years of operation, the company has disbursed over $2 billion in business financing through more than five million loans across the region.
“Since our inception in 2015, our vision is to uplift societies in Southeast Asia. Hence, Vietnam has always been part of our roadmap. This is an opportune time as we ride out of COVID-19, build a solid team with local FinTech veteran Ryan Galloway, and secure investment from tech giant VNG. We believe that Vietnam will be one of our largest markets given its enormous potential,” said Kelvin Teo, Co-Founder and Group Chief Executive Officer of Funding Societies | Modalku.