SINGAPORE (Apr 19): Funding Societies, the peer-to-peer (P2P) lending platform also known as Modalku in Indonesia, has raised US$25 million ($32.8 million) in Series B fund.

Led by Softbank Ventures Korea, the funding round also includes existing investors Sequoia India, Golden Gate Ventures and Alpha JWC Ventures from Indonesia.

Qualgro and LINE Ventures also participated in this round. Additionally, the platform has raised credit lines from banks and financial institutions to further support SMEs.

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