This expansion to the startup’s fourth market comes after more than a year of working with Thai regulators and planning for market entry.
Singapore-based Funding Societies, Southeast Asia’s largest SME digital financing platform, has rolled out its platform in Thailand, the company announced in a statement on Tuesday.
The P2P lender noted Thailand’s large and SME-driven economy and the credit gap that has been exacerbated by the pandemic.
The platform will provide Thai SMEs with full access to short-term customizable financing solutions, which are funded by retail and institutional investors, who can expect returns of 8 to 13 percent, the announcement said.
The crowdfunding landscape in the country is growing steadily and we see a lot of potential here, Varun Bhandari, country head of Funding Societies Thailand, said about the expansion. The market follows launches in Singapore, Malaysia and Indonesia.
In its six years of operation, Funding Societies has disbursed over $1.4 billion in funding to some 65,000 SMEs. The platform is backed by major investors like Sequoia India and Softbank Ventures Asia.
Funding Societies recently announced a strategic alliance with Samsung Ventures and Samsung Life Insurance to introduce prospective partnerships and collaborations.