Southeast Asian SME digital financing platform Funding Societies has officially launched in Vietnam today, marking its fifth market expansion.

Since its soft launch in Vietnam in December 2021, Funding Societies has already achieved over US$20 million in disbursements, and it is looking to increase this to US$90 million this year.

Earlier this year, Vietnamese tech giant VNG Corporation invested US$22.5 million in Funding Societies as part of the fintech company’s US$294 million Series C+ fundraise, of which US$144 million was raised in equity and US$150 million in debt lines.

VNG will help Funding Societies to quickly adapt to the local market so it can provide solutions tailored to the unique needs of Vietnamese businesses.

In Vietnam, it is serving SMEs in various sectors like education, retail, tech, and FMCG, offering products such as trade financing, inventory financing, accounts receivable (AR) and accounts payable (AP) financing in and around Ho Chi Minh and Hanoi.

The company looks to roll out local currency digital financing capabilities nationwide in the second half of the year.

Funding Societies added that it is looking to work with technology platforms and banking partners in Vietnam to support its mid-to-long term ambitions, consistent with how it had partnered with banks even recently investing into Bank Index in Indonesia.

Operating in Singapore, Malaysia, Thailand, and Indonesia (where it is known as Modalku), Funding Societies is licensed and/or registered in four countries throughout Southeast Asia.

Meanwhile, regionally, Funding Societies said that it will continue to deepen its presence in the five countries it operates in, with new financing and neobanking products.

Ryan Galloway, Country Director of Funding Societies Vietnam said,

“Vietnam SMEs don’t have the same access to venture and early-stage capital markets as other Southeast Asian markets, but the Vietnam market is equally as competitive, so Vietnamese entrepreneurs are trained to do more with less.

We see lots of opportunity in Vietnam and we’re excited to support the country’s burgeoning SME landscape as we continue to serve the needs of millions of SMEs across Southeast Asia.”

Kelvin Teo, Co-founder and Group CEO of Funding Societies | Modalku said,

“Since our inception in 2015, our vision is to uplift societies in Southeast Asia. Hence, Vietnam has always been part of our roadmap.

This is an opportune time as we ride out of COVID-19, build a solid team with local fintech veteran Ryan Galloway, and secure investment from tech giant VNG. We believe that Vietnam will be one of our largest markets given its enormous potential.”