JAKARTA -- Indonesian P2P lender Modalku, which operates as Funding Societies in Singapore, has raised $40 million in a Series C funding round from undisclosed existing and new investors.
The company said it will use the proceeds to improve the user experience and to benefit Modalku users, both borrowers and lenders. The funding will also support micro, small and medium-size enterprises, or MSMEs, that have been affected by COVID-19 by offering restructuring options and accelerating the flow of capital to sectors that need it, such as health care.
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