Heaptalk, Jakarta — Modalku Group (Funding Societies) obtained the third credit facility of about US$100 million, approximately Rp1.55 trillion, from HSBC through the ASEAN Growth Fund. With this funding, the company will expand its business reach and enlarge credit access for underserved MSME segments in the region.
“This credit facility enables us to explore responsible financing solutions that promote growth and profitability while enhancing financial inclusion for MSMEs underserved by traditional financial institutions in Southeast Asia,” Kelvin Teo, Co-founder and Group CEO of Funding Societies, said.
As a strategic element of the ASEAN Growth Fund, this transaction emphasizes HSBC’s scalable approach to assisting funding partners like Funding Societies in raising equity capital and expanding credit financing through diverse channels.
Launched in March 2024, the HSBC ASEAN Growth Fund, valued at US$1 billion, aims to empower Singapore-based digital companies to support e-commerce growth across ASEAN, achieve economies of scale across international markets, diversify asset portfolios, and accelerate business cycles. HSBC Singapore provides a comprehensive suite of funding solutions tailored to businesses at various growth stages through the New Economy and Venture Debt Fund.
“This partnership allows us to continue supporting Funding Societies’ mission of financing micro, small, and medium businesses that play a vital role in ASEAN community development. We look forward to furthering our support for Funding Societies as they expand and empower MSMEs across the region through the HSBC ASEAN Growth Fund.” Head of Corporates and Business, Harish Venkatesan, added.
Hitherto, Modalku Group has facilitated over Rp64 trillion in business financing, positively impacting over 100,000 MSMEs across Indonesia, Singapore, Malaysia, Thailand, and Vietnam.
