Maybank Provides Strategic Investment to Fintech Lending Parent Modalku

Maybank announces strategic investment into parent my capital, namely Funding Societies with an undisclosed amount. Through this investment, Maybank plans to explore collaborative synergies with Funding Societies to promote inclusivity and address the financing gap for the communities it serves.

This investment is the first step in Maybank’s new initiative to invest and partner with quality digital-based organizations in ASEAN. This effort is in line with Maybank’s M25+ strategy which aims to accelerate digitalization and create an ecosystem that supports innovation, both within and outside the banking sector.

Maybank Group President and CEO Dato' Khairussaleh Ramli said, “Our investment in Funding Societies underscores our commitment to driving financial inclusion, in line with our goal of humanizing financial services. By combining our banking expertise and Funding Societies’ innovative digital platform, Maybank is committed to building a strong MSME ecosystem and creating a brighter and more sustainable future for all.”

Kelvin Teo, Co-founder and CEO of Funding Societies, added, “We are honored by Maybank’s support, which reflects our shared commitment to serving MSMEs in Southeast Asia. This partnership reinforces our dedication to expanding credit access for underserved and capital-challenged MSMEs.”

Funding Societies currently has operating licenses in Singapore, Indonesia and Thailand, and is registered in Malaysia and operates in Vietnam. The fintech company annually disburses $1 billion in business financing to MSMEs in the region. In recent years, Funding Societies has achieved strategic milestones, including acquiring regional digital payments platforms CardUp and invest together in Bank Index in Indonesia.

The Modalku group of companies is backed by a number of leading investors such as SoftBank Vision Fund 2, Khazanah Nasional Berhad, CGC Digital, SBVA (formerly SoftBank Ventures Asia), Peak XV Partners (formerly Sequoia Capital India), Alpha JWC Ventures, SMBC Bank, BRI Ventures, VNG Corporation, and Rapyd Ventures.

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Disclosure: This article was produced with AI technology and supervision of the content writer