Tech in Asia
2 Nov 2023
Funding Societies, a Singapore-based fintech firm, has secured US$7.5 million in debt funding from Norwegian state-owned investor Norfund
Funding Societies, a Singapore-based fintech firm, has secured US$7.5 million in debt funding from Norwegian state-owned investor Norfund.
The company, which operates as Modalku in Indonesia, will use the capital to support its financing solutions in Southeast Asia. Besides Singapore and Indonesia, it also has a presence in Thailand, Malaysia, and Vietnam.
This follows Funding Societies’ debt round in September, where it raised US$27 million.
Funding details
Funding amount: $7,500,000
Investor: Norfund
Stage: Debt
As previously reported by Tech in Asia, Funding Societies recorded an 84% increase in revenue for 2022. However, its losses also rose by 138% in the same period.
In August, the company laid off around 18% of its workforce in Indonesia as part of its efforts to have a “leaner organizational structure.” It expects to achieve profitability in the fourth quarter of 2024.
Original Publication: https://www.techinasia.com/funding-societies-bags-75m-debt-norwegian-investment-fund