The new facility is expected to increase the digital finance platform’s reach in financing micro, small and medium enterprises in Asean
FUNDING Societies has secured its third credit facility with HSBC, this time under HSBC’s Asean Growth Fund. The amount of the latest tranche was not disclosed.
Cumulatively, HSBC’s total funding commitment to the digital finance platform now exceeds US$100 million since the partnership began in 2022, both organisations said late on Tuesday (Nov 5).
The new facility is expected to “further deepen and extend” Funding Societies’ reach in financing micro, small and medium enterprises across Asean.
Founded in 2015, Funding Societies is active in Singapore, Malaysia, Indonesia, Thailand and Vietnam, having disbursed more than US$4 billion in financing to more than 100,000 businesses in those markets.
Funding Societies co-founder and group CEO Kelvin Teo noted that the latest transaction would enable the platform to “further explore scalable debt financing for growth and profitability”.
In support of this expansion, HSBC will act as the structuring bank, lender, account bank, foreign-exchange counterparty, facility and security agent.
The US$1 billion HSBC Asean Growth Fund, launched in March, targets high-growth sectors, established corporates and non-bank financial institutions seeking to scale through digital platforms across multiple regional markets.
Tuesday’s announcement followed Funding Societies’ recent partnership with Maybank in September, through which it secured an undisclosed strategic investment from Malaysia’s largest lender.
