Singaporean P2P lending platform Funding Societies secures US$40M Series C
Funding Societies, a P2P lending platform, has raised US$40 million in a Series C round of funding, says a TechInAsia report.
The round was led by new and existing investors, along with an unnamed bank.
The platform, also known as Modalku in Indonesia, originally intended to utilise the fresh funds in new initiatives, however, due to market uncertainty caused by COVID-19, the original plans have now been scaled down.
“We realised that with COVID-19 on the horizon and with quite a bit of work we have to do to bring [the platform] to profitability, it wasn’t something that we could invest resources on,” Funding Societies’s Co-founder Kelvin Teo said.