SINGAPORE peer-to-peer (P2P) lender Funding Societies said on Tuesday it has cracked the S$100 million mark in total crowdfunded SME (small and medium-sized enterprises) loans across Singapore, Indonesia and Malaysia.
It said that this is the highest total crowdfunded amount reached by any P2P lending platform in South-east 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.