This is exactly what Teo and his co-founder Reynold Wijaya are trying to resolve with their brainchild - Funding Societies.
Founded in 2015, Funding Societies is a lending platform that helps SMEs obtain loans through its platform from a variety of investors. With a quick turnaround time and the short-term nature of its loans, Funding Societies has emerged an attractive alternative for many SMEs.
To date, Funding Societies has disbursed nearly $680 million in loans, boasts a headcount of nearly 400 people and has more than 150,000 investors on its platform.
Moving forward, it is no easy path ahead for the company – as it expects to face challenges such as the lack of infrastructure support and market awareness. Teo and Wijaya are also bracing themselves for a softening of the market, especially since Funding Societies has yet to go through a credit cycle.
To find out more about Funding Societies, read Peer-to-peer lending platform lends a hand to SMEs in The Edge Singapore (Issue 889, week of July 8) which is on sale now.
