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. Therefore, financing products of Funding … Hopefully we can contribute to reducing the SME financing gap in Southeast Asia. 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. Compare Funding Societies business loans “This package accelerates the offline-to-online (“O2O”) shift and improves productivity. A look at Funding Societies app and the Auto Invest feature. 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, Default rates are currently at around 1.5% across the countries Funding Societies operate in – Indonesia, Singapore and Malaysia. Thanks again. We pride ourselves with speed and flexibility, offering the widest range of … They have great service and remain transparent in communication and notifications. A free inside look at company reviews and salaries posted anonymously by employees. 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. 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. Good company. What exactly is this P2P lending actually is? This was also the time we raised our Series A equity round of US$7m, the largest by any comparable platform in Southeast Asia. They made a very expensive mistake. 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. Thanks for your feedback and appreciate your contribution for 3 years. Then, December 2016 rolled around and we finally obtained our MAS license, one of the first fintech firms in Singapore to get it. The concept of Funding Societies is similar but it has two forms of investments: Business Term Financing and Invoice Financing. Thanks a lot for your kind note. NO TEAMWORK. Loss of many good employees, no path to profitability, no understanding of tech and systems, just tactical strategies. We've to kill many ideas to stay focused, given a fairly stretched team. I'm keen to explore collections further and brainstorm ways to bring it the next level. In line with that, we’ve renewed our commitment to serving small local businesses during and after the impact of COVID-19. With Bolt, businesses can get a loan of up to S$100,000 within the same day – a significant milestone! Our founders started this mission to reach precisely those who fell through the cracks, surely we cannot leave them out? Kelvin, co-founder. (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. 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. With Bolt, businesses can get a loan of up to S$100,000 within the same day – a significant milestone! But out of the accolades we’ve humbly received, we’re especially delighted to be the only fintech to go home with. Great loan portfolio. Prior to Funding Societies, Kelvin was a management consultant at Accenture and McKinsey & Co., while Reynold was a leading executive … 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. 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.”. Some of the staffs at Funding Societies had lent money to the same borrower. 3. Organization has a mission but no idea as to how to carry it out to achieve the mission. 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, - Fun environment and free. Investing with FS has diversified my portfolio as … Funding Societies offers great financing options to SMEs that might not meet traditional banks' requirements. Funding Societies interview details: 13 interview questions and 10 interview reviews posted anonymously by Funding Societies interview candidates. Pray that they don’t leave soon. 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. We are taking this opportunity to streamline the business and conclusively bring the company to profitability. 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. Read employee reviews and ratings on Glassdoor to decide if Funding Societies is right for you. 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. Funding societies reviews and ratings added by customers, testers and visitors like you. Founders. 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. I'm sorry for your negative experience. a fully automated mobile loan product. Trust can be build by asking why was a certain decision was made. 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. - They are trying to build their own identity and culture, not a corporate type company. Unfortunately, we did not lead/ execute as well as we like to. We’ve accomplished a lot in the last 5 years, serving our clients in Singapore, Malaysia, and Indonesia. Hired a bunch of captains to drive strategy but not only are they costly, they have contributed to a loss of some of the company’s inspiring leaders. 5.0/5.0. Some statements are inaccurate, but I hear your concerns. Dear team member, As we step up Finance-Business partnership, we will need your help too :) Thanks again for your support. It was the first such platform in Singapore to engage an escrow agency to independently and safely manage investors’ funds. In early-2019, we had started discussions and rallied the team towards unit economics and profitable growth. [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. Kelvin, group co-founder. As I’m a financing provider (like a banker), I would face the risk of potential loan … Unfortunately, as the company scaled up especially in 2019, some earlier collaboration and leadership models broke. 2017: But over a period of time, we realised that something was still not right. Invoice financing was then borne out of necessity and survival since it was the only product we could offer to platform investors. 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). Dear ex-team member, - No direction most of time from leadership. But, technology has revolutionised the way money is distributed – democratised, to say the least. we’ve effected on the region’s underserved SMEs in such a short span. This post will mainly be an experience sharing and review on Funding Societies Malaysia. Numerous changes to captains. Posted on October 28, 2019 October 28, 2019 by Mr. Rabbit. Founders do not take responsibility for making wrong hires or training their captains but rather blame the captains for poor decisions and loss of talent. Love to catch up if you're open to it, simply ping me or block time on my calendar (everyone has access to it). 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. Are you sure you want to remove this review from being featured for targeted profile? But out of the accolades we’ve humbly received, we’re especially delighted to be the only fintech to go home with 2 awards at Brands for Good 2019 as they reaffirm the positive impact we’ve created through our business – precisely what we set out to do. Meanwhile, all the best in your future endeavour, happy to keep in touch, cheers! (2) Execution - It's not an easy sector, with COVID inching up defaults and Singapore banks getting special support. 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. Thank you for the kind note, appreciate it. What is my Risk? 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"). 2018-Present: By 2018, we were leading the local market as the largest SME digital lending platform. In all candour, I'm not sure why/ the specific instant that you are referring to, but will keep a mental note to improve. As there is quite a lot to unpack, allow me to touch on a few key points close to our hearts: Thank you for the feedback. People are accessible, for issues, discussions, and even a ring-corner talk. 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. "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". July 20, 2020. The next step is to solve it piece by piece based on first-principle, leveraging the insights from diverse functions and backgrounds. Let’s review Funding Societies: This month we turn 5 years old! 31 Funding Societies reviews. Do not bother to understand the business or the market. - On a team level, collaboration is lacking. Now as we speak, we are in the process of closing out our Series C of US$40m. It … Glassdoor will not work properly unless browser cookie support is enabled. As SME financing is still an under-solved problem globally, we have copied/ learned what we can from overseas. Funding Societies - 10 Hoe Chiang Road, Keppel Towers #05-08, Singapore 089315 - Rated 4 based on 15 Reviews "Wtf is this? Now as we speak, we are in the process of closing out our Series C of US$40m. Business. As we develop more T-shaped talent and leaders, we will ride out of this phase. So rounds of brainstorming and refining later, we introduced FS Bolt in early 2017, a fully automated mobile loan product. 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. We obviously have a lot to learn/ improve. out of our tiny room at the Octagon building along Cecil Street. Kelvin, co-founder, I worked at Funding Societies full-time for more than 3 years. The tenure of financing is also relatively short (between 1 to 12 months). Sorry that if I have not shown to have done the above sufficiently. Funding Societies is actually the first peer-to-peer (P2P) financing platform back in 2017. No ethics, splurge company funds unnecessarily on celebrations, zero desire to keep talent, they just believe they are always right. Appreciate your contribution. Thanks again for the support. For this reason. (3) People - We benchmark salaries annually. 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, I worked at Funding Societies full-time for less than a year, Great startup culture, young and easy going environment. 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. And our renewed commitment to the local business community in future. Opportunity Reviews Funding Societies (Singapore) 0 This Opportunity has been rated 0/10 from 0 PanelPlace user. 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. Kelvin, co-founder, I have been working at Funding Societies full-time, Dear team member, Secure .gov websites use HTTPS. Feel free to ping me anonymously or directly, if you have any ideas on how we can further improve. But you gotta initiate. This is why we have formed a consortium with Xiaomi, Singapore Powers and AMTD for the Singapore digital wholesale bank license. Good management. So that your feedback is not wasted. It also enables us to further support local businesses in financing,” he continues. 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. 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. This month we turn 5 years old! 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. Your response will be removed from the review – this cannot be undone. This month we turn 5 years old! 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 specialize in all forms of short-term financing for SMEs, crowdfunded by individual and institutional investors. As our name suggests, our vision is to support the growth and globalization of societies in Southeast Asia. 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 is called Peer to Peer lending AKA P2P. 1. I have opened an account with this platform since 2017. It's not wasted but serves as a foundation, for the best is yet to come. 2. Apologies if my reply does not answer your feedback, or differs from your experience. 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). Processes still continue finding its best form This highlights the need for a platform like Funding Societies, which features the best asset quality of all platforms in our review. Just believe they are trying to build their own identity and culture, not a corporate company... 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