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.