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Startups

SoftBank leads $144m investment in Singapore lending startup

Funding Societies to expand operations to Philippines in 12 months

Singapore-based digital lending startup Funding Societies operates in Singapore, Thailand, Malaysia and Vietnam, as well as in Indonesia under the brand Modalku. (Source photos by Reuters and courtesy of Funding Societies) 

TOKYO -- Singapore-based digital lending startup Funding Societies on Wednesday said it raised $144 million from a group of investors led by SoftBank Group to expand further across Southeast Asia, including the Philippines.

Funding Societies, legally called Funding Asia Group, provides loans to small businesses across Southeast Asia. It operates in Singapore, Thailand, Malaysia and Vietnam, as well as in Indonesia under the brand Modalku. The company says it can disburse a loan as fast as in 24 hours thanks to its artificial intelligence-driven credit scoring. Founded in 2015, Funding Societies said it has disbursed over $2 billion in financing through more than 4.9 million loan transactions.

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