Kelvin Teo and Reynold Wijaya founded Funding Societies in 2015 while studying for their Master of Business Administration (MBA) at Harvard Business School. Funding Societies operates an online platform that enables Small and Medium Business to seek funding for their growth from a pool of investors, through crowdfunding. The standard loan period ranges from 3 months to 2 years and borrowers can loan up to SGD$500,000. In the first month of launching, they have received a total of SGD$3 million loan applications which about SGD$250,000 was disbursed.
In January 2016, Funding Societies launched Modalku, which means "My Capital" in Bahasa to reach out to SMEs in the Indonesian Market. The company claims that SGD$7.8 million in loans had been originated through its Singapore platform up to 30 June 2016.
In February 2017, Funding Societies expanded its reach to Malaysia, starting Funding Societies Malaysia, headed by Wong Kah Meng, CEO of FSMY.
On the 19th of April 2018, Funding Societies have managed to maintain low default rates across the region, at 1.3% and disbursed more than US$110M in more than 3000 loans.
According to wikipedia
