Funding Societies receives $50mln credit facility from HSBC

Through this new facility, Funding Societies will be able to channel the funds via its range of tailored financing solutions across SME segments across all its five markets

Funding Societies, a Southeast Asian Small and Medium Enterprises (SME) digital financing platform, announced that it has received a $50 million credit facility from HSBC Singapore.

Through this new facility, Funding Societies will be able to channel the funds via its range of tailored financing solutions across SME segments across all its five markets.

Meanwhile, this will also enable HSBC to extend its global capabilities by tapping on the underserved segments across the region.

Furthermore, HSBC will act as the structuring bank, lender, facility and security agent in providing a flexible, scalable and pan-regional financing solution to support Funding Societies’ business expansion in the region.

Funding Societies has a track record of loan disbursement of over more than $2.6 billion through more than 5.1 million transactions across the region.

This announcement comes on the heels of Funding Societies’ most recent acquisition of regional digital payments platform CardUp which is subject to regulatory approvals, as part of a series of efforts to diversify its services beyond lending.

Kelvin Teo, Co-founder and Group CEO of Funding Societies said: We’re honoured to receive such a sizeable facility from a global bank such as HSBC. This marks a critical milestone for us and is a testament to our credit track record through Covid-19.

HSBC’s foresight, global capabilities and scalable approach further equips us to better satisfy the underserved SME segments in the region. We appreciate HSBC’s confidence in us and are excited about this signing, he said.

Regina Lee, Head of Commercial Banking at HSBC Singapore said: As a leading SME digital financing platform, Funding Societies is playing an important role in contributing to Southeast Asia’s new economic growth by driving broader financial inclusion and supporting homegrown companies which are the building blocks of these economies.