Kuala Lumpur, 1 August 2018 – Curlec, the payments company simplifying online Direct Debit, is pleased to announce a partnership with Funding Societies, the first and largest peer-to-peer (P2P) financing platform in Malaysia.
Through this partnership, Funding Societies will become the first Malaysian P2P platform to adopt an online Direct Debit solution. Using Curlec’s integrated system, the repayment process for Funding Societies’ SME clients will be automated, thus increasing their customer efficiency and lowering processing times.
With this tie up, Funding Societies’ SME clients can now get rid of cheques and paperwork to process their repayments.
Until now, most repayment methods have been administratively intensive exercises that require sizeable teams to manage the process. Curlec’s Direct Debit solution saves costs and reduces operational complexity, resulting in local SMEs benefiting from a hassle-free customer experience when performing monthly repayments.
Zac Liew, Co-Founder and CEO of Curlec, stated that he was delighted to be working with Funding Societies.
“Going forward, Funding Societies will offer Curlec’s Direct Debit solution for SMEs as an additional repayment method, and our Instant Pay FPX payment gateway for investor deposits. It is a great opportunity to collaborate with another local FinTech company that is also committed to supporting SME businesses. Ultimately we share the same goal: to help SMEs currently underserved by existing financial institutions,” said Liew.
Wong Kah Meng, CEO of Funding Societies Malaysia, said that he was proud to be the first P2P financing platform to use an online Direct Debit system for their SME users.
“Curlec’s system offers an option to automate our SMEs repayments. With an efficient and practical process like this, we hope to enhance our customer experience. If they no longer need to process paperwork for every repayment, our users can focus more fully on developing their businesses,” explained Wong.
Funding Societies currently holds the largest domestic market share in terms of crowdfunded amount. The platform holds a 0% default rate – well over a year since it began operations.
“With Curlec’s automation technology, Funding Societies hopes to scale our business faster and more efficiently to achieve our goal of RM50 million in SME financing this year. We want to serve more and more of underserved SMEs who require financing,” added Wong.
Curlec is a FinTech company that makes it easy for businesses to collect recurring payments. It is a simple solution for collecting Direct Debit payments online, allowing businesses to be in control of when they get paid. Curlec facilitates transactions by intermediating between Buyers, Sellers and their Banks, making Direct Debit available to businesses of all sizes.
The company was founded in 2017 with the vision of providing the Direct Debit payment system to underserved SMEs. Curlec is the first independent software company in Malaysia to process online interbank Direct Debit transactions.
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About Funding Societies
Launched in early 2017 in Malaysia, Funding Societies is the first and largest P2P financing platform in Malaysia. Funding Societies connects SMEs with investors through an online marketplace, thereby increasing access to financing for SMEs. By investing into SMEs, investors could earn risk-adjusted returns greater than fixed deposits, bonds, and other traditional investment instruments. Meanwhile, SMEs obtain access to short-term financing to expand their business through a fast and simple online process. Additionally, SMEs benefit from not having to provide collateral for financing, while interest costs are minimized due to short financing tenures.
Funding Societies has achieved numerous milestones in its short history, including USD 25 million in Series B funding led by Softbank Ventures Korea and supported by Sequoia India, Alpha JWC and Golden Gate Ventures. Funding Societies also has presence in Singapore and Indonesia (where it is known as Modalku), becoming one of the largest digital financing platforms in the Southeast Asian region. Through its searing growth, Funding Societies remains dedicated to the vision of supporting underserved SMEs and improving societies in Southeast Asia.
For more information about Funding Societies Malaysia, click here.