Funding Societies (also known as Modalku in Indonesia), Southeast Asia’s leading SME digital financing platform, officially announced its investment into Bank Index (Bank Index Selindo), an Indonesian national Bank, alongside Carro, a Southeast Asian automotive marketplace platform.
The move serves as a significant milestone in Funding Societies’ entry into the neobanking space and its drive to offer more high-impact digital financial services to underserved businesses in the region.
With a focus on SME Banking, Bank Index is a privately-owned national Bank with a strong nation-wide footprint of 53 offices networks in major commercial areas across Jabodetabek, Java, Sumatra, Bali and Batam.
Bank Index also conducts business across a range of commercial supply chains while offering mobile and internet banking services to its clients.
“Our investment and partnership with Bank Index will support Funding Societies’ business strategy into neobanking. Bank Index shares the vision of empowering and developing SMEs. Since 2015, Funding Societies has been actively partnering with banks across the region, and our partnership with Bank Index will take FinTech-bank collaboration to the next level,” said Kelvin Teo, co-founder and group CEO of Funding Socities / Modalku.
“Our complementary capabilities will enable us to serve SMEs better across banking, payments, lending and digital services to uplift Southeast Asia’s economies through small businesses,” he added.
Funding Societies provides digital financing services, where developing MSMEs can apply for up to S$2 million in working capital financing funded by institutional and retail investors through a digital market.
In addition to Singapore and Indonesia, Funding Societies also operates in Malaysia, Thailand, and Vietnam. The company has facilitated more than S$3 billion in working capital through more than 5 million MSME loan transactions.
Funding Societies | Modalku is the largest SME digital financing platform in Southeast Asia, expanding into a leading SME neobank. It is licensed and registered in Singapore, Indonesia, Thailand, Malaysia, and operating in Vietnam.
It is backed by SoftBank Vision Fund, SoftBank Ventures Asia, Sequoia Capital India, Alpha JWC Ventures, SMBC Bank, Samsung Ventures, BRI Ventures, Endeavor, SGInnovate, Qualgro, and Golden Gate Ventures amongst others.