Funding Societies | Modalku, one of the largest unified SME digital finance platforms in Southeast Asia, has announced that it has raised US$25 million in equity investment from Cool Japan Fund (CJF) – Japan’s sovereign wealth fund. The investment from CJF signifies the fund’s first investment into a FinTech company in Southeast Asia.
Funding Societies will funnel the investment to deepen its core business in SME financing across its five markets (Singapore, Indonesia, Malaysia, Thailand and Vietnam), while further expanding its payments business since embarking on it in 2022.
Having served SMEs in fulfilling their business potential for a decade, the company will focus on helping businesses get paid faster through innovative receivables and financing solutions. It will also leverage technology and AI to digitise and automate lending origination processes. These initiatives and synergies between payments and lending, align with the company’s objectives of achieving growth and profitability.