as they reaffirm the positive impact we’ve created through our business – precisely what we set out to do. Kelvin, group co-founder. Tech, Pdt, Data. - No proper training, you are on your own. (2) Execution - It's not an easy sector, with COVID inching up defaults and Singapore banks getting special support. 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). Can be very physically and intellectually demanding, Dear team member, The tenure of financing is also relatively short (between 1 to 12 months). Nonetheless, we acknowledge that there’s still plenty of work for us to do, and it is especially poignant in today’s economic climate. What exactly is this P2P lending actually is? And our renewed commitment to the local business community in future. Kelvin, co-founder, Flexible working hours and excellent college, Nothing is set on stone for the plan and upper management are very easy to change their decision, Dear team member, Funding Societies - 10 Hoe Chiang Road, Keppel Towers #05-08, Singapore 089315 - Rated 4 based on 15 Reviews "Wtf is this? Diverse skill and experience At the end of the day, I am fully responsible for the mistakes made by the company, team, and individuals, including myself. 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. Nonetheless, we acknowledge that there’s still plenty of work for us to do, and it is especially poignant in today’s economic climate. Kelvin, co-founder. They just don't value progression and growth well. July 20, 2020. Feel free to ping me anonymously or directly, if you have any ideas on how we can further improve. - On a team level, collaboration is lacking. This was also the time we raised our Series A equity round of US$7m, the largest by any comparable platform in Southeast Asia. Meanwhile, all the best in your future endeavour, happy to keep in touch, cheers! Thanks for the feedback. Thanks a lot for your kind note. - They are trying to build their own identity and culture, not a corporate type company. Thanks for the passionate feedback. 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"). In line with that, we’ve renewed our commitment to serving small local businesses during and after the impact of COVID-19. Numerous changes to captains. I don't have all the answers, but happy to deep dive into unsatisfied questions. Meanwhile, all the best in your future endeavour and keep in touch! 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. Great loan portfolio. - Fun environment and free. We’ve accomplished a lot in the last 5 years, serving our clients in Singapore, Malaysia, and Indonesia. Our founders started this mission to reach precisely those who fell through the cracks, surely we cannot leave them out? We pride ourselves with speed and flexibility, offering the widest range of … History: Kelvin Teo and Reynold Wijaya founded Funding Societies in 2015 while studying for their MBA at Harvard. 2019 was a strong year for Malaysia’s peer-to-peer (P2P) financing industry as total financing increased to RM521 million cumulatively and is expected to continue to thrive in 2020 with RM 1 billion in total financing, according to Funding Societies Malaysia. Kelvin, co-founder. As our name suggests, our vision is to support the growth and globalization of societies in Southeast Asia. Now as we speak, we are in the process of closing out our Series C of US$40m. As there is quite a lot to unpack, allow me to touch on a few key points close to our hearts: 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. In Indonesia its known as Modalku (which means My Capital in Bahasa). 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. Funding Societies do themselves vet through the various SME issuers through its rigorous and rigid scorecard-based risk assessment. Good incentives. Investing with FS has diversified my portfolio as … 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. Kelvin, co-founder, I worked at Funding Societies full-time for more than 3 years. a fully automated mobile loan product. Unfortunately, we did not lead/ execute as well as we like to. We are taking this opportunity to streamline the business and conclusively bring the company to profitability. Dear team member, NO TEAMWORK. A lock ( ) or https:// means you’ve safely connected to the .gov website. This month we turn 5 years old! For townhalls, feedback solicited by your peers so far have been good. 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. In line with that, we’ve renewed our commitment to serving small local businesses during and after the impact of COVID-19. We specialize in all forms of short-term financing for SMEs, crowdfunded by individual and institutional investors. Share sensitive information only on official, secure websites. 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. 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. With Bolt, businesses can get a loan of up to S$100,000 within the same day – a significant milestone! Processes still continue finding its best form 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. With, of Singapore’s workforce coming from Micro Small and Medium Enterprises (MSMEs), the Government announced its support. to expand our services to over thousands of regional small businesses and merchants. "Funding Societies gave me an excellent experience with P2P Investments. [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. We’ve accomplished a lot in the last 5 years, serving our clients in Singapore, Malaysia, and Indonesia. For progression, there have been nearly a dozen internal promotions for folks who perform at next level too. I am personally role-modeling the process and co-solutioning with the team (potentially with you already J). It does not fall under the jurisdiction of Bank Negara Malaysia. The concept of Funding Societies is similar but it has two forms of investments: Business Term Financing and Invoice Financing. 1. - Will learn a lot of things if you are looking for new learnings. Secure .gov websites use HTTPS. 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). Lucky if you can report to them. So rounds of brainstorming and refining later, we introduced FS Bolt in early 2017, a fully automated mobile loan product. Kelvin, co-founder. This highlights the need for a platform like Funding Societies, which features the best asset quality of all platforms in our review. 3. 2017: But over a period of time, we realised that something was still not right. They made a very expensive mistake. 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. Default rates are currently at around 1.5% across the countries Funding Societies operate in – Indonesia, Singapore and Malaysia. As I’m a financing provider (like a banker), I would face the risk of potential loan … Hi ex-team member, Founders. Finance. It's not wasted but serves as a foundation, for the best is yet to come. A look at Funding Societies app and the Auto Invest feature. For this reason. by 2025, we remain watchful of the right opportunities we need to grasp in order to serve the underserved community. Thanks for your kind feedback, especially given that Collections probably has one of the hardest/ stressful times in an extreme financial crisis like this. We've to kill many ideas to stay focused, given a fairly stretched team. 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, Good company. But, technology has revolutionised the way money is distributed – democratised, to say the least. 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, Dear team member, , our Group CEO, notes, “As an SME financing platform, we’re highly encouraged by the extensive and thoughtful support by the government for SMEs, notably the. 2018-Present: By 2018, we were leading the local market as the largest SME digital lending platform. Let’s review Funding Societies: This month we turn 5 years old! "Mediocre Management, Inexperienced founder", "Uses "first fintech in X" to cover up for incompetency", "Offer good opportunities to learn and climb", "Not perfect, but definitely worth to fight for". I completely agree with you on the focus of profitability. 31 Funding Societies reviews. As we develop more T-shaped talent and leaders, we will ride out of this phase. Thanks again. 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. Max 2-3 good leads left in the company. For this reason, 51% of Southeast Asia’s SMEs although filled with economic potential have been denied affordable credit, if at all. Now as we speak, we are in the process of closing out our Series C of US$40m. Funding Societies is actually the first peer-to-peer (P2P) financing platform back in 2017. Thanks for your feedback. Read employee reviews and ratings on Glassdoor to decide if Funding Societies is right … Funding Societies RM1 Billion in 2020. Thanks for your feedback. Funding Societies is a South-East-Asia based SME digital financing platform, headquartered in Singapore. Thank you for the kind note, appreciate it. Trust can be build by asking why was a certain decision was made. Talent. Funding Societies P2P Lending It was a great earning platform, just when i was broke and had my last of $100.00. Kelvin, co-founder, I worked at Funding Societies full-time for less than a year, Great startup culture, young and easy going environment. They have great service and remain transparent in communication and notifications. People are accessible, for issues, discussions, and even a ring-corner talk. 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. 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! According to the SBF-Experian SME Index that surveyed over 3,000 local SMEs from January to February this year, these small enterprises showed low confidence in getting access to financing in this uncertain economy. 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. Funding Societies offers great financing options to SMEs that might not meet traditional banks' requirements. 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. But out of the accolades we’ve humbly received, we’re especially delighted to be the only fintech to go home with. 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. In early-2019, we had started discussions and rallied the team towards unit economics and profitable growth. Therefore, financing products of Funding … Prior to Funding Societies, Kelvin was a management consultant at Accenture and McKinsey & Co., while Reynold was a leading executive … Kelvin, our Group CEO, notes, “As an SME financing platform, we’re highly encouraged by the extensive and thoughtful support by the government for SMEs, notably the S$500m package to facilitate the digital transformation for businesses.”. It also enables us to further support local businesses in financing,” he continues. This is why we have formed a consortium with Xiaomi, Singapore Powers and AMTD for the Singapore digital wholesale bank license. 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. Its default rate (approximately 1.36%) matches those of high quality commercial banks and it features exceptional rate of on-time payments (approximately 90%), and it also launched Guaranteed Property-backed Investments (GPI) in 2020 to provide additional … 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 … The next step is to solve it piece by piece based on first-principle, leveraging the insights from diverse functions and backgrounds. It is particularly unique as it offers the largest available P2P invoice financing loan ($1,000,000) and the fastest financing option for SMEs (cash within 1 business day). Search and read funding societies opinions or describe your own experience. - There is no genuine leadership and building of professional relationship within the team. Love to catch up if you're open to it, simply ping me or block time on my calendar (everyone has access to it). However, I am glad that the teams are working towards it now. Funding Societies would submit a trade reference against the company and is in the midst of preparing for the commencement of the legal action to heighten efforts of debt collection from their end. And we have made mistakes along the way in H2 2019, despite a structured process, and we are learning from it. 2016: Regulations came in and we were asked to stop funding term loans until we obtained the necessary licenses. Glassdoor has 49 Funding Societies reviews submitted anonymously by Funding Societies employees. Compare Funding Societies business loans Few in SE Asia has experience in that, and we have to actively learn from experts/ mentors in other bigger markets/ bigger startups in other similar verticals. Invoice financing was then borne out of necessity and survival since it was the only product we could offer to platform investors. In particular, we are looking forward to being awarded the digital wholesale banking license later this year so as to propel MSMEs to their fullest potential. , we have also collaborated with DBS (after a cold email to Piyush Gupta), e-commerce giant Lazada. 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. - No direction most of time from leadership. A segment of the market remained underserved – the group who arguably has the least resources, the micro businesses. Funding Societies - 112 Robinson Road Level 8, Singapore 068902 - Rated 4.5 based on 11 Reviews "Very prompt in emails and easy to use FS interface. Posted on October 28, 2019 October 28, 2019 by Mr. Rabbit. Loss of many good employees, no path to profitability, no understanding of tech and systems, just tactical strategies. Any work takes forever. What is my Risk? that surveyed over 3,000 local SMEs from January to February this year, these small enterprises showed low confidence in getting access to financing in this uncertain economy. , again the largest Series B for any digital SME lending platform in Southeast Asia! It also offers competitive SME Business loans, which are great short-term financing options for borrowers … I have opened an account with this platform since 2017. In all candour, I'm not sure why/ the specific instant that you are referring to, but will keep a mental note to improve. Glassdoor has 49 Funding Societies reviews submitted anonymously by Funding Societies employees. “This package accelerates the offline-to-online (“O2O”) shift and improves productivity. So that your feedback is not wasted. Funding Societies is the leading peer-to-peer lending platform in Southeast Asia. Weakest leads of the group. Scattered job descriptions, sometimes not clear, Dear team member, 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. 5.0/5.0. Pray that they don’t leave soon. Keen to learn and grow together. Learn how to enable cookies. 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! 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’ve effected on the region’s underserved SMEs in such a short span. 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 … Only reason none was retrenched from the talent team in the recent exercise is because some have resigned (including the one who announced the retrenchment) and remaining ones are fantastic at managing Founders. Learn more about these business loan options in our review. Unfortunately, as the company scaled up especially in 2019, some earlier collaboration and leadership models broke. 2. Funding societies reviews and ratings added by customers, testers and visitors like you. In fact, as a country, Indonesia has been profitable for months, while Singapore and Malaysia are not far behind. (3) People - We benchmark salaries annually. As SME financing is still an under-solved problem globally, we have copied/ learned what we can from overseas. Business wise, the high interest rates and frequent defaults hits the morale after a while, makes you think if you are doing more good or bad for the borrowers. Dear ex-team member, I stumble upon this new way of investing couple of years back. 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. 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. Recently, we've been driving T-shaped knowledge to facilitate cross-functional iteration of ideas for faster execution. Business. No ethics, splurge company funds unnecessarily on celebrations, zero desire to keep talent, they just believe they are always right. Funding Societies is a P2P financing platform registered with Securities Commission Malaysia. Thank you for the feedback. I decided to give Funding society a try, it came out quite well. For the X no. Summing-up on the Review of Funding Societies. 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 positive impact we’ve effected on the region’s underserved SMEs in such a short span. Are you sure you want to remove this review from being featured for targeted profile? An online P2P lending marketplace for SMEs to acquire business loans, Funding Societies offers a suite of loan products to meet the financing needs of SMEs – business term loan, invoice financing and FS Bolt. Then, December 2016 rolled around and we finally obtained our MAS license, one of the first fintech firms in Singapore to get it. Thanks for your feedback and appreciate your contribution for 3 years. Pays below market with the promise of the startup experience. Some statements are inaccurate, but I hear your concerns. Review on Funding Societies. 39 Funding Societies reviews. We specialize in all forms of short-term financing for SMEs, crowdfunded by individual and institutional investors. 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. Apologies if my reply does not answer your feedback, or differs from your experience. The past three years and a half have been transformative for Funding Societies Malaysia (FS Malaysia). A free inside look at company reviews and salaries posted anonymously by employees. A return of more than 10% certainly attracted me to try this out. I hope the review of Funding Societies above help you get the feel of what’s it like investing in P2P lending. It was the first such platform in Singapore to engage an escrow agency to independently and safely manage investors’ funds. This month we turn 5 years old! Cheers! FUNDING SOCIETIES Review: Peer to Peer Lending FUNDING SOCIETIES is the leading P2P lending platform for SMEs in Singapore, Indonesia and Malaysia. Thanks for the kind feedback. No business comprehension, always reporting wrong figures to everyone. This will replace the current featured review for targeted profile. 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, the systemic change in how Southeast Asia’s small businesses access credit today, we are so glad to see the. In particular, we are looking forward to being awarded the digital wholesale banking license later this year so as to propel MSMEs to their fullest potential. Understand the challenges Sales team faces in a financial crisis like COVID. Organization has a mission but no idea as to how to carry it out to achieve the mission. Kelvin, co-founder, Delusional leaders, poor leadership, pays below market rate, toxic environment, draining to be in, Dear ex-team member, Hope to keep in touch, cheers! Opportunity Reviews Funding Societies (Singapore) 0 This Opportunity has been rated 0/10 from 0 PanelPlace user. Hopefully the effort would show in our leadership soon. 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. Cheers! I am not sure of your specific context of the frequently changed decisions. To our delight, Sequoia India came on board as lead investor! Do not bother to understand the business or the market. Funding Societies interview details: 13 interview questions and 10 interview reviews posted anonymously by Funding Societies interview candidates. 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). Your response will be removed from the review – this cannot be undone. I'm keen to explore collections further and brainstorm ways to bring it the next level. 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. of Southeast Asia’s SMEs although filled with economic potential have been denied affordable credit, if at all. 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. Business comprehension, always reporting wrong figures to everyone ( MSMEs ) the... Decided to give Funding society a try, it came out quite well concept. Again for your kind note towards it now banks getting special support 0 PanelPlace user means my Capital Bahasa! The best few months, due to focus execution and survival since it was the only product we could to! These business loan options in our review sharing and review on Funding Societies Malaysia review: Peer to lending. And Malaysia are not far behind are taking this opportunity has been profitable months! And flexibility, offering the widest range of … Funding Societies interview details: 13 interview questions and interview! 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