Funding Societies Crosses the S$2 Billion Mark in SME Loan Disbursals

Funding Societies, a Southeast Asian SME digital financing platform, announced that it has made S$2 billion in disbursals of business financing to small and medium sized enterprises (SME) across the region as it enters its sixth year of operations.

Funding Societies said that the amount is partly crowdfunded by over 200,000 retail investors on its platform and has been disbursed through more than 3.7 million loans. The firm recorded S$ 850 million in disbursals in 2020, while its overall platform default rate remained under 2% through the pandemic. Funding societies is one the many P2P lending platforms that help to reduce the lending gap.

Moreover, according to Ernst & Young’s 2020 ASEAN SME Transformation Survey, 68% of the surveyed 1,200 SMEs across the six largest ASEAN countries namely Singapore, Indonesia, Malaysia, Thailand, the Philippines, and Vietnam are open to non-traditional lenders.