With Southeast Asia’s digital economy expected to. , we have also collaborated with DBS (after a cold email to Piyush Gupta), e-commerce giant Lazada. Great loan portfolio. We've been actively up-skilling both top and middle leadership (including myself), and streamlining collaborations (role-modelling/ coaching, instilling processes, having cross-functional secondment/ training/ demo days to build T-shaped knowledge for cooperation). Understand the challenges Sales team faces in a financial crisis like COVID. Happy to discuss specifics if you are open to it (you don't have to say you wrote this post), everyone has access to my calendar to block time. Copyright © 2008–2021, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. { "isFollowing": false, "isEEPActive": false, "isEiHeaderFollowBtnDos2Enabled": true }, Democratic Republic of Congo - All Cities, Current Employee - Collections Specialist. As our name suggests, our vision is to support the growth and globalization of societies in Southeast Asia. But you gotta initiate. Processes still continue finding its best form Pays below market with the promise of the startup experience. We specialize in all forms of short-term financing for SMEs, crowdfunded by individual and institutional investors. Feel free to ping me anonymously or directly, if you have any ideas on how we can further improve. Business. Now as we speak, we are in the process of closing out our Series C of US$40m. I stumble upon this new way of investing couple of years back. Weakest leads of the group. Funding Societies is a friendly online platform for SMEs to acquire loans to fuel their growth and for investors to crowdlend the SME loans and earn returns of up to 14% per annum. For progression, there have been nearly a dozen internal promotions for folks who perform at next level too. For the X no. We have achieved and surpassed critical milestones, grew significantly, launched amazing products and signed meaningful partnerships, all of which have been recognized through the multitude of awards we have … For townhalls, feedback solicited by your peers so far have been good. Funding Societies do themselves vet through the various SME issuers through its rigorous and rigid scorecard-based risk assessment. After looking at the nitty-gritty and comparing all angles against other P2P lending platforms, I definitely vote for Funding Societies as the best P2P lending platform in Malaysia. It … With 72% of Singapore’s workforce coming from Micro Small and Medium Enterprises (MSMEs), the Government announced its support of our economy’s backbone in the Fortitude Budget on 26 May. Meanwhile, all the best in your future endeavour, happy to keep in touch, cheers! The tenure of financing is also relatively short (between 1 to 12 months). Invoice financing was then borne out of necessity and survival since it was the only product we could offer to platform investors. Compare Funding Societies business loans This highlights the need for a platform like Funding Societies, which features the best asset quality of all platforms in our review. And we have made mistakes along the way in H2 2019, despite a structured process, and we are learning from it. Unfortunately, as the company scaled up especially in 2019, some earlier collaboration and leadership models broke. Small businesses have long faced the difficulty of accessing credit from traditional financial institutions who usually favour large businesses with a long and strong credit record. Hopefully we can contribute to reducing the SME financing gap in Southeast Asia. I am not sure of your specific context of the frequently changed decisions. It also enables us to further support local businesses in financing,” he continues. With Bolt, businesses can get a loan of up to S$100,000 within the same day – a significant milestone! The concept of Funding Societies is similar but it has two forms of investments: Business Term Financing and Invoice Financing. Learn more about these business loan options in our review. Yes, culture/ identity is an area close-to-heart and we have invested in since 2016 (albeit, clearly with mixed results, since you used "they" rather than "we" J). Funding Societies - 10 Hoe Chiang Road, Keppel Towers #05-08, Singapore 089315 - Rated 4 based on 15 Reviews "Wtf is this? Through these years of tremendous growth, we have also collaborated with DBS (after a cold email to Piyush Gupta), e-commerce giant Lazada, cards payment platform CardUp, Southeast Asia deals leader Fave, and Singapore’s leading procure-to-pay platform SGeBIZ to expand our services to over thousands of regional small businesses and merchants. Therefore, financing products of Funding … At the end of the day, I am fully responsible for the mistakes made by the company, team, and individuals, including myself. 31 Funding Societies reviews. Some statements are inaccurate, but I hear your concerns. And what better way to celebrate our 3rd birthday than with news that we raised US$25m in Series B funding, again the largest Series B for any digital SME lending platform in Southeast Asia! “This package accelerates the offline-to-online (“O2O”) shift and improves productivity. Left it to a junior talent person who was crying as she was giving the retrenchment news to the company while the founders watched and sat by the side. Funding Societies has been riding at the top of this fintech wave in Singapore and as we celebrate half a decade, we’d like to look back on how far we have come, recognise our accomplishments, and acknowledge how long we still have to go. 3. Funding Societies is the leading peer-to-peer lending platform in Southeast Asia. In line with that, we’ve renewed our commitment to serving small local businesses during and after the impact of COVID-19. A free inside look at company reviews and salaries posted anonymously by employees. I have opened an account with this platform since 2017. There are times when new facts/ data emerge which require us to update our decisions, but that shouldn't be too frequent to the extent of being disruptive. Your feedback is a strong encouragement for us to keep up the good work and continuously improve, especially on the right amount of processes to grow big but stay small. As an investor, you can review your portfolio, change your auto-invest settings , crowdfund a loan, and even use the live chat feature — all in one app! No business comprehension, always reporting wrong figures to everyone. They just don't value progression and growth well. to expand our services to over thousands of regional small businesses and merchants. However, we can do a better job in breaking down the strategy into digestible pieces for each team, having more effective internal communications, and writing down decisions/ next steps (including "Why" not just the "What"). Funding societies reviews and ratings added by customers, testers and visitors like you. And our renewed commitment to the local business community in future. Thank you for the feedback. So rounds of brainstorming and refining later, we introduced FS Bolt in early 2017, a fully automated mobile loan product. Cheers! I hope the review of Funding Societies above help you get the feel of what’s it like investing in P2P lending. So that your feedback is not wasted. Thanks for your kind feedback, especially given that Collections probably has one of the hardest/ stressful times in an extreme financial crisis like this. Default rates are currently at around 1.5% across the countries Funding Societies operate in – Indonesia, Singapore and Malaysia. With Bolt, businesses can get a loan of up to S$100,000 within the same day – a significant milestone! Thanks for your feedback. And around this time, we had grown to a small family of 25 so we moved to a shoebox office space in a Bugis street shophouse – an expansion for us, no less. Kelvin, co-founder, Delusional leaders, poor leadership, pays below market rate, toxic environment, draining to be in, Dear ex-team member, Recently, we've been driving T-shaped knowledge to facilitate cross-functional iteration of ideas for faster execution. Search and read funding societies opinions or describe your own experience. With Southeast Asia’s digital economy expected to exceed US$300b by 2025, we remain watchful of the right opportunities we need to grasp in order to serve the underserved community. We obviously have a lot to learn/ improve. Thanks for the kind feedback. In fact, as a country, Indonesia has been profitable for months, while Singapore and Malaysia are not far behind. Feel free to share with me anonymously/ directly, if you've specific improvement ideas. What exactly is this P2P lending actually is? Trust can be build by asking why was a certain decision was made. For this reason, 51% of Southeast Asia’s SMEs although filled with economic potential have been denied affordable credit, if at all. out of our tiny room at the Octagon building along Cecil Street. [P2P] Statistical Review of Funding Societies After 100 Completed Loans By The Boy Who Procrastinates - May 11, 2019 At the time when robo-advisory is making its way into mainstream investing , Singapore has witnessed a burgeoning peer-to-peer ("P2P") lending industry which opens up a myriad of opportunities for investors eyeing an alternative income stream. Unfortunately, we did not lead/ execute as well as we like to. In addition, since 80% of Funding Societies’ investors access our platform via their mobile phone, the company has created a Funding Societies mobile app to cater to all mobile users out there. by 2025, we remain watchful of the right opportunities we need to grasp in order to serve the underserved community. I don't have all the answers, but happy to deep dive into unsatisfied questions. This post will mainly be an experience sharing and review on Funding Societies Malaysia. A look at Funding Societies app and the Auto Invest feature. Funding Societies Malaysia Review By Leckas on Saturday, August 11, 2018 Funding Societies (Link) is one of the six peer-to-peer (P2P) financing platforms recognized by Securities Commission Malaysia. We are taking this opportunity to streamline the business and conclusively bring the company to profitability. Leaders' salaries need approval from the Board with justification (wish I can write myself a check J), and are consistent with the team's salaries. Unfortunately, you're spot-on with our inexperience especially with scale, as we're the first-generation FinTech founders/ firms in SE Asia and biggest in our vertical. It was the first such platform in Singapore to engage an escrow agency to independently and safely manage investors’ funds. Thanks again for the support. From a wide-eyed newbie who burst onto the lending scene and quickly disbursed our first crowdfunded loan in 2015, to an experienced digital financing platform who is now among an exclusive few to pioneer the systemic change in how Southeast Asia’s small businesses access credit today, we are so glad to see the … Nonetheless, we acknowledge that there’s still plenty of work for us to do, and it is especially poignant in today’s economic climate. In line with that, we’ve renewed our commitment to serving small local businesses during and after the impact of COVID-19. Summing-up on the Review of Funding Societies. History: Kelvin Teo and Reynold Wijaya founded Funding Societies in 2015 while studying for their MBA at Harvard. For that, we’ve been recognised with the MAS FinTech Award in 2016, the Global SME Excellence Award at the United Nations’ ITU Telecom World in 2017, and the Fintech Top 100 by KPMG in 2018 among others. Funding Societies P2P Lending It was a great earning platform, just when i was broke and had my last of $100.00. Yet, among other considerations like profitability, hiring, and capacity utilisation, their deepest concern remains their ability to bridge the impact of the weakening economy – if they manage to sustain operations at all. Diverse skill and experience Thanks for your feedback. 39 Funding Societies reviews. This will replace the current featured review for targeted profile. Read employee reviews and ratings on Glassdoor to decide if Funding Societies is right … Funding Societies interview details: 13 interview questions and 10 interview reviews posted anonymously by Funding Societies interview candidates. , again the largest Series B for any digital SME lending platform in Southeast Asia! We knew it was crucial to consistently add value to our customers’ financing experience so we were determined to simplify the process of getting funds from the investors to the SMEs. - Fun environment and free. Any work takes forever. a fully automated mobile loan product. Our founders started this mission to reach precisely those who fell through the cracks, surely we cannot leave them out? Founders. - Will learn a lot of things if you are looking for new learnings. Sorry for the poor belief that I have given you, especially given that politics/ evasiveness are the opposite of why Reynold and I started the firm, hence the core values "Enable teamwork, disable politics" and "Focus on impact". We knew it was crucial to consistently add value to our customers’ financing experience so we were determined to simplify the process of getting funds from the investors to the SMEs. However, I am glad that the teams are working towards it now. As we step up Finance-Business partnership, we will need your help too :) Thanks again for your support. Love to catch up if you're open to it, simply ping me or block time on my calendar (everyone has access to it). I'm sorry for your negative experience. But, technology has revolutionised the way money is distributed – democratised, to say the least. Kelvin, co-founder, I have been working at Funding Societies full-time for more than a year, Founder are very dedicated with the company, strong key management personnel, very fast loan book growth, Too much focus on growth, still have a room to improve profitability, Dear team member, As I’m a financing provider (like a banker), I would face the risk of potential loan … In all candour, I'm not sure why/ the specific instant that you are referring to, but will keep a mental note to improve. Now as we speak, we are in the process of closing out our Series C of US$40m. Appreciate your contribution. Kelvin, co-founder. Thanks for the feedback. I am personally role-modeling the process and co-solutioning with the team (potentially with you already J). This was also the time we raised our Series A equity round of US$7m, the largest by any comparable platform in Southeast Asia. Review on Funding Societies. We've to kill many ideas to stay focused, given a fairly stretched team. Glassdoor has 49 Funding Societies reviews submitted anonymously by Funding Societies employees. We pride ourselves with speed and flexibility, offering the widest range of … Hopefully the effort would show in our leadership soon. 2016: Regulations came in and we were asked to stop funding term loans until we obtained the necessary licenses. 2015: When we first started in 2015, we were a 4-person team running the platform with no investors and just one product out of our tiny room at the Octagon building along Cecil Street. People are accessible, for issues, discussions, and even a ring-corner talk. Thanks again. But out of the accolades we’ve humbly received, we’re especially delighted to be the only fintech to go home with. I completely agree with you on the focus of profitability. Thank you for the kind note, appreciate it. A return of more than 10% certainly attracted me to try this out. Kelvin, co-founder. As a two-sided platform, it's a difficult balance between serving SMEs (who need lower rates to tie over this crisis) and investors (who expect higher rates to compensate the higher default risk in this crisis). In early-2019, we had started discussions and rallied the team towards unit economics and profitable growth. Business Term Financing is similar to Fundaztic’s platform, the money raised is used as working capital to pay for, small asset purchases, capital expenditures or business expansion. Yet, among other considerations like profitability, hiring, and capacity utilisation, their deepest concern remains their ability to bridge the impact of the weakening economy – if they manage to sustain operations at all. Meanwhile, we'd continue strive to improve the people we hire/ groom (to keep them high-performing and nice J), as well as build an environment that enables everyone to do their best work. The next step is to solve it piece by piece based on first-principle, leveraging the insights from diverse functions and backgrounds. Learn how to enable cookies. of Southeast Asia’s SMEs although filled with economic potential have been denied affordable credit, if at all. Cheers! Loss of many good employees, no path to profitability, no understanding of tech and systems, just tactical strategies. They made a very expensive mistake. Hi ex-team member, Glassdoor has 49 Funding Societies reviews submitted anonymously by Funding Societies employees. Read employee reviews and ratings on Glassdoor to decide if Funding Societies is right for you. Are you sure you want to remove this review from being featured for targeted profile? Pray that they don’t leave soon. (1) Ideas - As you rightly shared in the title and opening, we can achieve numerous "First FinTech in X", thanks to the ideas/ innovations from the ground implemented. A free inside look at company reviews and salaries posted anonymously by employees. 5.0/5.0. Funding Societies is a South-East-Asia based SME digital financing platform, headquartered in Singapore. Are you sure you want to replace it? "Funding Societies gave me an excellent experience with P2P Investments. The past three years and a half have been transformative for Funding Societies Malaysia (FS Malaysia). Meanwhile, all the best in your future endeavour and keep in touch! Our thinking has been to attract the right talent, get the wrong ones off, set the direction, provide the support you need, and get out of your way. To our delight, Sequoia India came on board as lead investor! - They are trying to build their own identity and culture, not a corporate type company. Captains and Leads including myself are expected to be hands-on, hence I spend considerable time with the team, including in the right-sizing conversations and responding to customers myself. 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