‘We want to pay it forward': Funding Societies raises $25M to boost capital for SMEs in Southeast Asia [TechCrunch]
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Source: TechCrunch
Nevertheless, as in other parts of the world, SMEs in Southeast Asia face challenges when it comes to sufficient working capital. In a nutshell, SMEs are typically deemed too risky for traditional banks to lend to them, so those banks charge high rates, if they approve them at all. Kelvin Teo and Reynold Wijaya, two entrepreneurs from Southeast Asia who met while both were getting graduate degrees at Harvard Business School (HBS), were acutely aware of that gap back home. Inspired by HBS' stated mission to “make a difference in the world,” they set out to address it. “We had grown up as underdogs, felt privileged to be at HBS and wanted to pay it forward to Southeast Asia,” Teo said in an interview with TechCrunch. “SMEs resonate with us and financing is their biggest pain point.” Their startup, Funding Societies , is a Singapore-based SME lending platform with licensed and registered offices in Indonesia, Malaysia, Thailand, and Vietnam. On the back of strong growth across the
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