Funding Societies, a Singapore-based business finance provider backed by telecommunications firm SoftBank and instant messaging app Line, has received $40m in series C funding, Tech In Asia reported on Friday.
The round was co-led by undisclosed new and existing investors and also featured an undisclosed financial services firm.
Founded in 2015, Funding Societies operates a digital lending marketplace that connects private, retail and institutional investors to small and medium-sized enterprises based in Singapore, Malaysia and India.
The series C funding had already been earmarked for an expansion of the company’s services, though those plans will now be downgraded due to the impact of the Covid-19 pandemic. It laid off approximately 18% of its employees last month in the face of the disease.
SoftBank led Funding Societies’ $25m series B round in 2018 through its SoftBank Ventures Korea unit. Line’s corporate venturing arm, Line Ventures, also took part, as did Sequoia Capital India, Alpha JWC Ventures, Golden Gate Ventures and Qualgro VC.
The company had already received $7.5m in a 2016 series A round led by Sequoia India that also featured Alpha JWC, Golden Gate Ventures and Qualgro.