{"id":58838,"date":"2023-09-26T15:48:30","date_gmt":"2023-09-26T07:48:30","guid":{"rendered":"http:\/\/wordpress-my-161844363.ap-southeast-1.elb.amazonaws.com\/articles\/?p=58838"},"modified":"2023-09-26T15:48:30","modified_gmt":"2023-09-26T07:48:30","slug":"fundingsocieties-debt-funding-sme","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/fundingsocieties-debt-funding-sme","title":{"rendered":"Funding Societies Raises US$27 Mil For SMEs In Debt Funding Round"},"content":{"rendered":"

Funding Societies | Modalku has recently announced that it had successfully raised US$27 million (RM126 million) in debt funding. This in order to help and support underserved SMEs in the five markets that it operates in. <\/span><\/p>\n

This round of debt funding was led by Asia-focused private credit financier AlteriQ Global, with multi-family office Aument Capital Partners (ACP), and sustainability-focused fund Orange Bloom.<\/span><\/p>\n

<\/span>More than 70 million MSMEs in ASEAN region<\/span><\/h2>\n

In\u00a0 a statement to the media, the Southeast Asia based digital financing platform highlighted that within the ASEAN region alone, there are more than 70 million businesses that are categorised as MSMEs (micro, small and medium enterprises).\u00a0 This translates to 99% of total establishments and contributing to 44.8% of the region\u2019s Gross Domestic Product (GDP).<\/span><\/p>\n

Despite increasing access to credit for consumers, the United Nations Capital Development Fund reports that up to 39 million MSMEs in the region are still struggling to gain proper financing solutions. This gap amounts up to US$300 billion (RM1.4 trillion).<\/span><\/p>\n

\u201cWe are delighted to receive this debt funding from such a diverse group of institutional investors, all of whom believe in our mission and growth story of serving Southeast Asia\u2019s SMEs. <\/span><\/p>\n

“Amidst uncertain macroeconomic conditions, we continue to deepen our financing propositions across our five markets for more underserved SMEs, alongside existing and new partners,\u201d said co-founder and Group CEO of Funding Societies | Modalku, Kelvin Teo.<\/span><\/p>\n

<\/span>Solving cash flow management challenges<\/span><\/h2>\n

The recent round of debt funding will go a long way in helping Funding Societies to bridge the gap in financing services for SMEs in SEA. The company has begun offering solutions beyond lending, such as payments and collections. The aim is to help solve cash flow management challenges faced by SMEs.<\/span><\/p>\n

\u201cWe found great synergy and potential with what Funding Societies has accomplished through the years with its diverse digital financing solutions, the quality of their team and the many SMEs they have served. <\/span><\/p>\n

“As one of the leading players in the digital financing space, this ties in very well with how AlteriQ Global strives to foster and provide a fully-integrated financing ecosystem. We look forward to supporting and collaborating with Funding Societies as they continue to grow in the region,\u201d said managing partner of AlteriQ Global, Zhi Yong Heng.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The funds will be utilised to help offer financing solutions to underserved SMEs.<\/p>\n","protected":false},"author":58,"featured_media":58843,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[951,271,216],"tags":[1547,1046,1548,718,1244,720,924,1208,982,1549,1546,577],"class_list":["post-58838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-loan","category-economy","category-news-updates","tag-alteriq-global","tag-asean","tag-aument-capital-partners","tag-business","tag-business-funding","tag-business-loan","tag-funding-societies","tag-msme","tag-news","tag-orange-bloom","tag-sea","tag-sme"],"acf":[],"yoast_head":"\nFunding Societies Raises US$27 Mil For SMEs In Debt Funding<\/title>\n<meta name=\"description\" content=\"Funding Societies has recently announced a successful round of debt funding, raising up to RM126 million 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