Funding Societies raises US$7.5 million from Norfund, bringing financial inclusion for SMEs in Southeast Asia

SINGAPORE, Nov. 2, 2023 /PRNewswire/ — Funding Societies | Modalku, the largest unified SME (small and medium enterprises) digital finance platform in Southeast Asia, today announced that it has raised US$7.5 million in debt from Norfund, a Development Financial Institution (DFI), which operates an investment fund owned by the Norwegian government for developing countries. This is the first debt transaction by Norfund with a FinTech SME lender in Southeast Asia.