Funding Societies Named to the 2017 Fintech 250, Highlighting Advancements in Digital Business Lending in Southeast Asia
Singapore, June 29, 2017 -- CB Insights named Funding Societies to the prestigious Fintech 250, a select group of emerging private companies working on groundbreaking financial technology. CB Insights CEO and co-founder, Anand Sanwal, revealed the Fintech 250 companies during The Future of Fintech, a gathering of the world's largest financial institutions, best fintech startups, and most active venture investors.
“The financial services industry will see more change in the next 10 years than it has in the last 100. And that transformation is being driven by a group of smart insurgent startup companies. The Fintech 250 are the most promising of these insurgents. They are bringing emerging technologies and business models to financial services that will permanently change the way we handle money and do business,” said CB Insights CEO Anand Sanwal.
“We are humbled to be named amongst the Fintech 250 globally and be the only digital lender on the list from Southeast Asia.” said Funding Societies co-founder Kelvin Teo. “Funding Societies currently serves Singapore, Malaysia and Indonesia, where it is known as Modalku, or My Capital in Bahasa. While each country is vastly different and requires us to rethink from scratch, it is a region we’re passionate in. We believe technology advancement in financial services can truly benefit societies here.”
The CB Insights research team selected the Fintech 250 companies based on several factors including data submitted by the companies and the company’s Mosaic Score. The Mosaic Score, based on CB Insights’ National Science Foundation-funded algorithm, measures the overall health and growth potential of private companies. Through this evidence-based, statistically-driven approach, the Mosaic Score can help predict a company’s momentum, market health and financial viability.
Together with companies such as Stripe, Ant Financial Services, Funding Circle, Dianrong and Robinhood, Funding Societies is being recognized for its innovative technology in front of an audience of 1000 senior executives from around the world and news outlets including The New York Times, The Wall Street Journal, The Financial Times, Reuters and Bloomberg.
Founded at the tunnels of Harvard Business School, Funding Societies is led by Harvard and Stanford graduates from Southeast Asia, and is comprised of a team of local industry veterans. It focuses on the under-served SMEs looking for loans, and the under-served retail investors seeking investment opportunities. Shortly after its fundraising from Sequoia India, Funding Societies has grown to become one of the largest platforms in Southeast Asia. It recently has also picked up several awards including the FinTech Award from the Singapore regulator MAS, the Best Customer Experience Award from Retail Banker International and the Digital Innovation Award from Warta Ekonomi Indonesia.
Quick facts on the Fintech 250:
These 250 emerging private companies have raised $14B across 240 deals in 2016.
Applications of their technology include breakthroughs in insurance, lending, payments, human resources, real estate, and muc
Ribbit Capital has backed 17 of the Fintech 250 companies, while Andreesen Horowitz and Goldman Sachs backed 9.
Twenty-three Fintech 250 companies have reached a valuation of $1B or more.
23 countries are represented among the Fintech 250 companies.
To view the list of winners, click here.
About The Future of Fintech
The Future of Fintech is an exclusive gathering of the world's largest financial institutions, best fintech startups, and most active venture investors.
For more information about the Fintech 250, visit:
About CB Insights
Our team comes to work every day to build technology that helps corporations guess less and win more. We aggregate and analyze massive amounts of data and use machine learning, algorithms and data visualization to help corporations replace the three Gs (Google searches, gut instinct and guys with MBAs*) so they can answer massive strategic questions using probability not punditry.
With backing from the National Science Foundation and venture capital investors, we mine terabytes of data and knowledge contained in patents, venture capital financings, M&A transactions, hiring, startup and investor websites, news sentiment, social media chatter, and more. Our software algorithmically analyzes this data to help our clients see where the world is going tomorrow, today.
*We have MBAs.
About Funding Societies
Founded in early 2015, Funding Societies Pte Ltd is a Singapore-based Fintech startup, which offers a variety of loan services for small and medium-sized enterprises (SMEs). It has marked significant milestones in just 2 years, expanding to Indonesia and Malaysia, and raising S$10 million in a Sequoia-led funding round in mid-2016. Its services have grown to include SME digital finanicng, invoice financing, and short-term loans. Its long-term vision is to help SMEs and lenders, and to do its bit to improve societies in Southeast Asia.
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Funding Societies is Southeast Asia's leading SME digital financing platform. We specialise in all forms of short-term financing for SMEs, funded by individual and institutional investors. We pride ourselves in speed and flexibility, offering the widest range of term loan, trade finance and micro loan products. Backed by SoftBank Ventures Asia Corp and Sequoia India, amongst many others, Funding Societies has helped to finance over S$2 billion in business loans regionally. We are dedicated to the vision of enabling SMEs through equitable financial access, ultimately making a positive impact for our societies in Southeast Asia.
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