Indonesia Digest: Funding Societies opens Thai crowdfunding service; wagely enters Bangladesh

wagely, a Jakarta-based financial technology platform, announced its expansion into Bangladesh following recent funding led by Integra Partners as part of the company's expansion plan. (Photo by wagely)

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.

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.