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Country: Singapore
Year: 2015
Funding Societies offers an online platform for SME owners to start or grow their businesses by providing access to adequate and equitable funding from individual as well as institutional lenders.
Funding Societies was among the first P2P lending companies in Singapore to bring in a trustee registered with the Monetary Authority of Singapore (MAS), making for a safer way of undertaking crowdfunding.
Since their launching in June 2015, Funding Societies have crowdfunded about 3 million SGD in loans to 35 SMEs with 100% repayment.
Concept

  • SMEs tend to struggle in raising funds through traditional methods such as banks and credit card loans, due to their small size and limited track records.
  • Funding Societies provides a P2P crowd-lending platform for SMEs in Singapore and Indonesia to acquire funding, and have partnered with Orangefield Trust, a trustee registered with the MAS to hold the crowdfunding funds received from lenders for increased security.

Consumer Benefits

  • Security: With an escrow account, lenders can be assured the money is going to the borrowers they intended to help grow, and borrowers can be sure that the money went back to the lenders and not to the business platform itself to offset certain expenses or pay off previous investors.
  • Quick access to funds: Funding Societies offers a simple application that only takes minutes to complete. Loan application approval process takes about 4-5 days and cash disbursement is made in 14 days.
  • High Returns for Investors: Investors can earn up to a 14% return as a relatively safe alternative investment. The repayment rate is currently at 100%.

How to use it
An Introduction video of Funding Societies
https://www.youtube.com/watch?v=gmONsS7WjjY
Investing with Funding Societies

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