RIYADH: Small and medium enterprise lender Funding Societies announced it has raised $144 million in a series C+ equity round by Softbank Vision Fund.

The Southeast Asian fintech has also received $150 million in debt lines from institutional investors.

Part of the funding will be distributed to former and existing employees through stock share buybacks, TechCrunch reported.

Funding Societies payout online loans ranging from $500 to $1.5 million, and it has lent more than $2 billion in business funding since its launch in 2015.

The round also had participation form new investors like VNG Corporation, Rapyd Ventures, EDBI, Indies Capital, K3 Ventures, Ascend Vietnam.

Copyright: Arab News © 2022 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.