“Can the largest SME lender in Southeast Asia become the region's SME financial OS by layering payments, cards, and embedded finance on top of its crowdfunded lending base?”
Founded 2015 as Southeast Asia's first SME crowdfunding platform (Modalku in Indonesia), connecting individual/institutional investors to SME borrowers. Following the 2022 US$294M raise, expanded beyond pure lending into payments and embedded finance — launching the Elevate virtual card (with MatchMove/Mastercard) and acquiring digital payments platform CardUp. The company is now positioning as a one-stop SME financial OS across Singapore, Indonesia, Malaysia, Thailand, and Vietnam, layering payments, cards, and AP financing on top of its core lending engine.
Funding Societies processes payments through CardUp (self-operated, acquired 2022).
Funding Societies's cards are issued through MatchMove.
Funding Societies's lending and capital products are provided by FS Capital Pte Ltd (in-house).
The Embedded Finance Index 2026 maps 3 layers in Funding Societies's stack: Payments / PSP (CardUp (self-operated, acquired 2022)); Card issuing (MatchMove); Lending (FS Capital Pte Ltd (in-house), SME Term Loans, Micro Credit Line (up to RM100k), Accounts Payable Financing (up to S$500k) and 4 others).
Funding Societies was founded by Kelvin Teo and Reynold Wijaya and is founded in 2015, headquartered in Singapore.
Funding Societies has raised $294M+ (Series C+ equity $144M + $150M debt, 2022) in total (latest round: Series C+, 2022).
Get a read on where your own stack stands against Funding Societies and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.