Modalku Wins US$7.5 million Funding to Meet Super Lender’s Roles

By Editorial Team 07/11/2023
sovereign wealth fund
Summary

Funding Societies or Modalku has announced the acquisition of a debt fund worth US$7.5 million from Norfund in Norway. This marks Norfund's first transaction with a micro, small, and medium-sized enterprise (MSME) funding platform in Southeast Asia. Norfund Regional Director Fay Chetnakarnkul said Modalku can support underserved small and medium-sized enterprises in Southeast Asia.

According to Fay, businesses classified as micro, small, and medium-sized enterprises comprise 99.9 percent of all businesses in ASEAN and contribute to 44.8 percent of the gross domestic product. "The funding provided through Modalku will serve as a bridge between Norfund and the public and private sectors in expanding its investment reach in Southeast Asia," Fray said on Nov 3. Modalku Co-founder Kelvin Teo stated that Norfund's support is vital in facing economic uncertainty.

Register now and get free access.

If you want to get free access to our Daily Insights and Weekly Digest, please click "Sign up" button below. If you already have an account, please login.

Sign up
Log in
What do subscribers receive?

As a subscriber, you'll receive daily insights, weekly business digests, and quarterly industrial reports.

What kind of pieces will i get?

In-depth reports on assumption and impact analysis, as well as update and trends mapping, written by our credible and experienced analysts.

And, there is something else…

Register now and get free access, click here to register. Feel free to contact us with any additional questions you have.