COVID-19 is still wreaking havoc in some of the world’s vulnerable economies, and startups from those regions are helping local communities fight it off.
One such fintech startup is Funding Societies, one of Southeast Asia’s most prominent digital financing platforms that provides micro-financing to SMEs in need of credit. With the intent to grow the region’s economy, Funding Societies offers SMEs a new avenue of accessing business financing that is affordable, quick, and convenient. In a sea of credit technology startups, the company differentiates itself by focusing primarily on SMEs and their financial pain points, such as credit, cash-flow issues, and transaction management.
Kelvin Teo, co-founder and group CEO of Funding Societies, explained, “There is a temporary market shock due to the pandemic. However, the overall market structure and demand for digital financing remain strong. Digital lending continues to rise due to the rapid digitalization of SMEs. This increased awareness of digital technologies allows us to reach SMEs more efficiently and gives our investors more confidence in the market. Taking a credit-led approach and enabling smaller companies to thrive will help position us as a primary digital bank for SMEs.”