Funding Societies Named to the 2018 CB Insights Fintech 250 List of Fastest-Growing Fintech Startups

Funding Societies honored for achievements in driving financial inclusion through business financing

New York, NY, October 22, 2018 -- CB Insights today named Funding Societies to the second annual Fintech 250 list, a prestigious group of emerging private companies working on groundbreaking financial technology. This is also the second consecutive year that Funding Societies has been included in the prestigious list.

“After we named the inaugural Fintech 250 in 2017, they went on to raise $23B including 30 rounds of over $100 million. 22 of the Fintech 250 have already exited with half via IPO. This year, we've added 113 new companies to the Fintech 250 using the CB Insights Mosaic algorithm, and the group is broad, covering everything from insurance tech to consumer banking to capital markets tech. We look forward to the success of this year's group,” said CB Insights CEO Anand Sanwal.

“We’re humbled to be nominated alongside global industry players and recognised in our efforts to drive financial inclusion in Southeast Asia where we call home. Funding Societies is determined to continue financing deserving SMEs while offering investors a stable platform for diversification,” said Kelvin Teo, Co-Founder and CEO of Funding Societies.

The CB Insights research team selected the Fintech 250 companies based on several factors including data submitted by each company and their Mosaic Score. The Mosaic Score, based on CB Insights’ 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. 

Starting today, CB Insights customers can view the Fintech 250 on Stories, the newest product feature allowing teams to easily create beautiful presentations powered by real-time data visualizations.

Funding Societies has earned many local as well as global awards and accolades since 2015. Funding Societies received the Fintech Award by Monetary Authority of Singapore, Best in Customer Experience Asia award from Retail Banker International and was conferred as the Hottest Startup in Singapore by Singapore Business Review. At the end of 2017, its Indonesian entity Modalku won the Global SME Excellence Award from United Nations’ ITU Telecom. It is the first and only Asian startup to win the award. Modalku has also been recognised by the Indonesian government as one of the next Indonesian unicorns (NextICorn). The awards reflect local as well as global recognition of FinTech solutions’ positive impact on Southeast Asian societies.

Quick facts on the 2018 Fintech 250:

• 30 of the Fintech 250 companies have reached a unicorn valuation of $1B or more.

• Since 2017, these 250 private companies have raised $31.8B across 373 deals.

• There were 82 $100M+ mega-rounds to the Fintech 250 since 2013, with 33 of them in 2018 year-to-date (YTD).

• 113 new companies were introduced to the 2018 Fintech 250 list. 

• 44% of the 2018 Fintech 250 list are based outside the United States, representing 31 countries.

• Ant Financial is the most well-funded company on the Fintech 250 list, having raised approximately $19.1B across 4 investments.

For the full list of winners, click here.

About Funding Societies
Founded in early 2015, Funding Societies is a licensed digital lending platform in Southeast Asia that connects small and medium-sized enterprises (“SMEs”) with retail and institutional lenders. It has achieved numerous milestones in a short span of time, including USD 25 million Series B funding round led by SoftBank Ventures Korea and supported by Sequoia India, Alpha JWC Ventures and Golden Gate Ventures. Funding Societies has expanded into Indonesia (where it is known as Modalku) and Malaysia, becoming one of the largest digital lending platforms in the region. Through its searing growth, Funding Societies and Modalku remain dedicated to the vision of funding underserved SMEs and improving societies in Southeast Asia.

Check out our story: https://blog.fundingsocieties.com/our-story/