Asean Digest: iflix, Wattpad in pact; Funding Societies crosses $145m crowdfunding mark

Online streaming platform iflix has tied up with Wattpad to co-produce original movies while Singapore-based peer-to-peer platform Funding Societies has hit the S$200 million ($145 million) mark in total crowdfunded loans for small and medium enterprises (SMEs).

iflix ties up with Wattpad

Online streaming platform iflix has tied up with global content platform Wattpad to co-produce original movies based on Wattpad stories from Indonesia, it said in an announcement today. No financial terms were disclosed.

The partnership will enable iflix to access more than 6 million original Indonesia stories on Wattpad and the films will be co-produced under iflix Originals brand. According to the statement, Indonesia is one of the largest and most exciting markets for both iflix and Wattpad.

In Indonesia, iflix has more than 9 million users with an average streaming time of 40 million minutes every day. It has recently partnered with the Creative Economy of Indonesia and the National Film Body of Indonesia.

Canada-based Wattpad has a community of more than 6.5 million month users who spend more than 650 million minutes on the platform every month. Globally, it has more than 65 million users, where more than 17 million are from Southeast Asia.

Funding Societies crosses $145m crowdfunding mark

Singapore-based peer-to-peer platform Funding Societies has hit the S$200 million ($145 million) market in total crowdfunded loans for small and medium enterprises (SMEs), it said in a statement on August 14.

The startup had just surpassed its S$100 million ($72.5 million) mark this January. In addition, Funding Societies’ investor base has grown from 40,000 to 75,000 in the past six months and has achieved less than 1.5 per cent in default rate, one of the lowest in the region, it claimed.

Funding Societies’ co-founder and CEO, Kelvin Teo said: “It took 30 months to achieve our first S$100 million and six months for our second S$100 million. But the industry is still nascent. We’d continue to focus on serving SMEs’ and investors’ needs.”

Founded in 2015, Funding Societies last raised a $25 million Series B round led by SoftBank Ventures Korea, which was said to be the largest financing round for a P2P platform in Southeast Asia. It has presence in Singapore, Indonesia and Malaysia.

Also read:

flix says to raise at least two more funding rounds before considering IPO

P2P lender Funding Societies raises $25m in Series B round led by SoftBank Korea

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.