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Compare Funding Societies business loans We’ve accomplished a lot in the last 5 years, serving our clients in Singapore, Malaysia, and Indonesia. Do not bother to understand the business or the market. Kelvin, co-founder, I have been working at Funding Societies full-time, Dear team member, Funding Societies P2P Lending It was a great earning platform, just when i was broke and had my last of $100.00. Kelvin, co-founder, I worked at Funding Societies full-time for more than 3 years. Kelvin, group co-founder. Sorry that if I have not shown to have done the above sufficiently. - There is no genuine leadership and building of professional relationship within the team. It does not fall under the jurisdiction of Bank Negara Malaysia. 2017: But over a period of time, we realised that something was still not right. Loss of many good employees, no path to profitability, no understanding of tech and systems, just tactical strategies. I completely agree with you on the focus of profitability. Read employee reviews and ratings on Glassdoor to decide if Funding Societies is right for you. Hopefully we can contribute to reducing the SME financing gap in Southeast Asia. 2015: When we first started in 2015, we were a 4-person team running the platform with no investors and just one product out of our tiny room at the Octagon building along Cecil Street. NO TEAMWORK. - Will learn a lot of things if you are looking for new learnings. I'm sorry for your negative experience. Copyright © 2008–2021, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. { "isFollowing": false, "isEEPActive": false, "isEiHeaderFollowBtnDos2Enabled": true }, Democratic Republic of Congo - All Cities, Current Employee - Collections Specialist. Thanks for your feedback. It's a problem that frankly, requires government intervention and low-cost funding like bank deposit to solve. I decided to give Funding society a try, it came out quite well. Captains and Leads including myself are expected to be hands-on, hence I spend considerable time with the team, including in the right-sizing conversations and responding to customers myself. This was also the time we raised our Series A equity round of US$7m, the largest by any comparable platform in Southeast Asia. Any work takes forever. It is particularly unique as it offers the largest available P2P invoice financing loan ($1,000,000) and the fastest financing option for SMEs (cash within 1 business day). Unfortunately, we did not lead/ execute as well as we like to. This month we turn 5 years old! With, of Singapore’s workforce coming from Micro Small and Medium Enterprises (MSMEs), the Government announced its support. The concept of Funding Societies is similar but it has two forms of investments: Business Term Financing and Invoice Financing. Recently, we've been driving T-shaped knowledge to facilitate cross-functional iteration of ideas for faster execution. Funding Societies is a South-East-Asia based SME digital financing platform, headquartered in Singapore. Meanwhile, all the best in your future endeavour and keep in touch! Summing-up on the Review of Funding Societies. Hope to keep in touch, cheers! We pride ourselves with speed and flexibility, offering the widest range of … And our renewed commitment to the local business community in future. From a wide-eyed newbie who burst onto the lending scene and quickly disbursed our first crowdfunded loan in 2015, to an experienced digital financing platform who is now among an exclusive few to pioneer the systemic change in how Southeast Asia’s small businesses access credit today, we are so glad to see the positive impact we’ve effected on the region’s underserved SMEs in such a short span. Great loan portfolio. Thanks for the kind feedback. a fully automated mobile loan product. Thanks for your feedback. 2018-Present: By 2018, we were leading the local market as the largest SME digital lending platform. Small businesses have long faced the difficulty of accessing credit from traditional financial institutions who usually favour large businesses with a long and strong credit record. Share sensitive information only on official, secure websites. In addition, since 80% of Funding Societies’ investors access our platform via their mobile phone, the company has created a Funding Societies mobile app to cater to all mobile users out there. For progression, there have been nearly a dozen internal promotions for folks who perform at next level too. Thank you for the feedback. What exactly is this P2P lending actually is? of Southeast Asia’s SMEs although filled with economic potential have been denied affordable credit, if at all. The tenure of financing is also relatively short (between 1 to 12 months). Opportunity Reviews Funding Societies (Singapore) 0 This Opportunity has been rated 0/10 from 0 PanelPlace user. Business. Now as we speak, we are in the process of closing out our Series C of US$40m. Funding Societies RM1 Billion in 2020. There are currently no benefit reviews for this company. Unfortunately, as the company scaled up especially in 2019, some earlier collaboration and leadership models broke. , again the largest Series B for any digital SME lending platform in Southeast Asia! Search and read funding societies opinions or describe your own experience. In Indonesia its known as Modalku (which means My Capital in Bahasa). Feel free to ping me anonymously or directly, if you have any ideas on how we can further improve. Trust can be build by asking why was a certain decision was made. A free inside look at company reviews and salaries posted anonymously by employees. Funding Societies do themselves vet through the various SME issuers through its rigorous and rigid scorecard-based risk assessment. Kelvin, co-founder, I worked at Funding Societies full-time for less than a year, Great startup culture, young and easy going environment. Talent. Funding Societies would submit a trade reference against the company and is in the midst of preparing for the commencement of the legal action to heighten efforts of debt collection from their end. Secure .gov websites use HTTPS. Now as we speak, we are in the process of closing out our Series C of US$40m. Thanks again. Appreciate your contribution. (3) People - We benchmark salaries annually. Learn more about these business loan options in our review. It also enables us to further support local businesses in financing,” he continues. And around this time, we had grown to a small family of 25 so we moved to a shoebox office space in a Bugis street shophouse – an expansion for us, no less. 3. For that, we’ve been recognised with the MAS FinTech Award in 2016, the Global SME Excellence Award at the United Nations’ ITU Telecom World in 2017, and the Fintech Top 100 by KPMG in 2018 among others. As a two-sided platform, it's a difficult balance between serving SMEs (who need lower rates to tie over this crisis) and investors (who expect higher rates to compensate the higher default risk in this crisis). 31 Funding Societies reviews. Its default rate (approximately 1.36%) matches those of high quality commercial banks and it features exceptional rate of on-time payments (approximately 90%), and it also launched Guaranteed Property-backed Investments (GPI) in 2020 to provide additional … Endeavour, happy to keep in touch targeted profile execution - it 's not but. And globalization of Societies in Southeast Asia any ideas on how we can contribute to reducing the SME financing also... 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