Funding Societies chooses Vietnam to develop digital financial market in Southeast Asia
On May 10, 2022, a digital financial platform through a credit model using artificial intelligence (AI) technology Funding Societies was launched in Vietnam market...
The Funding Societies digital platform can offer traditional term loans, along with other financing options such as bill financing. In 7 years of operation, Funding Societies has disbursed more than 2 billion USD to support business through more than 5 million loans across Southeast Asia.
Mr. Kelvin Teo, Co-Founder and General Director of Funding Societies, believes that Vietnam will become one of Funding Societies' largest markets with a lot of potential. The launch event in Vietnam marks the 5th market expansion of Funding Societies. The expansion of operations in Vietnam is considered an important step for Funding Societies.
Mr. Ryan Galloway, Managing Director of Funding Societies in Vietnam, said that Vietnamese SMEs do not have the opportunity to access venture capital and early-stage capital markets like other markets. in Southeast Asia. However, Vietnam still possesses many competitive advantages, and Vietnamese business owners are trained to realize their business goals despite possessing fewer advantages.
“Building on the success of Funding Societies in other markets, we will improve capital turnaround times by automating initialization and underwriting to help SMEs in Vietnam more easily.” more effective way," said Ryan Galloway.
It is known that at the beginning of 2022, Vietnam's VNG Technology Group invested 22.5 million USD in Funding Societies in a Series C + equity round with a total value of 294 million USD, including 144 million USD in capital. owners and $150 million in loans. VNG will help Funding Societies quickly adapt to the domestic market so that it can provide tailored solutions for each of the unique needs of Vietnamese businesses.
In addition, Funding Societies also received the support of other notable investors in the funding round, including SoftBank Vision Fund 2, Rapyd Ventures, EDBI, Indies Capital, Ascend Vietnam Ventures and K3 Ventures...
In Vietnam, Funding Societies is committed to supporting small and medium-sized enterprises in various fields such as education, retail, technology and FMCG, by providing products such as trade finance, sponsorship. inventory, finance for accounts receivable (AR) and accounts payable (AP) in HCMC and Hanoi.
It is known that since the trial run in Vietnam in December 2021, Funding Societies has disbursed more than 20 million USD and is aiming to increase this number to more than 90 million USD this year.