SEA Digest: Funding Societies enters Vietnam; SG’s 90 Seconds partners Bombora

Southeast Asian online lending platform Funding Societies has launched in Vietnam while Singapore-based video creation platform 90 Seconds is partnering with Australian pre-IPO fund manager Bombora to forge a pathway to list on the ASX.

Funding Societies steps into Vietnam

Southeast Asian online lending platform Funding Societies has officially launched in Vietnam, marking its fifth market footprint in the region.

The foray comes after Funding Societies raised $144 million in its Series C+ round and $150 million in debt to fuel its regional expansion. Vietnam’s first unicorn VNG contributed $22.5 million in the round.

Access to funding remains one of the greatest obstacles to the growth of Vietnamese SMEs,
and this has only been exacerbated by the COVID-19 pandemic.

Funding Societies offers microloans from $500 to $1.5 million that can be disbursed within 24 hours, suitable for small businesses looking to manage their cash flow.

In its seven years of operation, the company has disbursed over $2 billion in business financing through more than 5 million loans across the region.

SG’s 90 Seconds partners with Australian pre-IPO fund manager Bombora

Singapore-based tech company 90 Seconds, a cloud-based video creation platform, is partnering with Australian pre-IPO fund manager Bombora Investment Management Pty Ltd (Bombora) to forge a pathway to list on the ASX.

Founded in 2010 by co-founders and entrepreneurs Tim Norton, Nick Erskine-Shaw and Mischa Malane, 90 Seconds claims to connect brands to over 13,700 creative partners located in 160 countries.

90 Seconds has plans to expand its global presence through both organic growth and acquisition.

Its backers, including Sequoia Capital, Right Click Capital and AirTree Ventures, are now joined by Bombora.

Bombora partners with high growth, pre-IPO businesses, providing both capital and expertise, to prepare these companies to exit via the ASX.

 

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