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‘We want to pay it forward’: Funding Societies raises $25M to boost capital for SMEs in Southeast Asia
Small and medium-sized enterprises (SMEs) account for nearly 50% of Southeast Asia's GDP, contributing to job creation, innovation, and overall economic
Kelvin Teo and Reynold Wijaya, two entrepreneurs from Southeast Asia who met while both were getting graduate degrees at Harvard Business School (HBS), were acutely aware of that gap back home. “Since SoftBank Vision Fund’s investment in February 2022, the macro market has changed considerably, with U.S. banks collapsing, impacting credit supply to non-bank lenders,” Teo told TechCrunch. A social and economic impact report that the startup collaborated on with the Asian Development Bank (ADB) in 2020 found that Funding Societies-backed MSMEs contributed $3.6 billion to GDP and created approximately 350,000 new jobs.
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