Funding Societies has opened its crowdfunding service in Thailand to address the financing gap among small businesses. Meanwhile, Jakarta-based wagely has announced its entry into Bangladesh amid strong demand from workers to access their earned wages in real-time.
Funding Societies starts crowdfunding service in Thailand
Funding Societies, a Southeast Asian online lending platform, has launched a crowdfunding platform in Thailand to address the financing gap among small businesses.
The crowdfunding platform is now live, thanks to equity investment from 500 TukTuks and other investors, according to a statement on Tuesday.
DealStreetAsia had reported last week that Funding Societies, more commonly known as Modalku in Indonesia, is in advanced talks with investors to raise over $50 million in a fresh funding round. The report added that Modalku has already raised $15 million from Sumitomo Mitsui Banking Corporation, based on data from Singapore’s Accounting and Corporate Regulatory Authority (ACRA) accessed by DealStreetAsia DATA VANTAGE.
Funding Societies seeks to offer flexible lending products for small and medium enterprises to meet their working capital and expansion needs of up to 50 million baht ($1.5 million). These SMEs often have limited access to lenders.
Funding Societies is also backed by investors such as Softbank Ventures Asia Corp., Sequoia India, and LINE. It has operations across Singapore, Malaysia, and Indonesia with over $1.7 billion in funding.
wagely goes to Bangladesh
wagely, a Jakarta-based financial technology platform, has announced its expansion into Bangladesh following a recent funding round led by Integra Partners.
The company was immediately welcomed by over 50,000 workers across apparel manufacturing companies in the country, including SQ Group, Youth Group, and Classic Composite, according to a statement on Tuesday.
wagely operates around Earned Wage Access (EWA), allowing employees to access their earned income any time of the month which eliminates the need to borrow for everyday needs.
This, the company claims, will improve workers’ wellbeing and, in turn, better productivity.
The company received $5.6 million in funding led by Integra Partners in June this year. The round was also joined by ADB Ventures, PT Triputra Investindo Arya, Global Founders Capital, Trihill Capital, 1982 Ventures, Willy Suwandi Dharma, and others.