Funding Societies made a lot of money – US$36.6 million – in the year ending December 2022. This is 84% more than what they made the year before. We found this information from a trusted source called VentureCap Insights.
The digital lending platform in Singapore lost more money before taxes. The amount of money they lost increased by 138% to US$42.7 million. The company said that US$32.5 million of that money was not in the form of cash.
Frank Stevenaar, who is in charge of the money at Funding Societies, said that the increase in money they made was good but not surprising. This is because many countries are still trying to get better after the Covid-19 sickness in 2022.
Even though there were some unexpected problems in two of the places where Funding Societies operates, the company was still able to make money because it is in five different countries in Asia.
Profitability in Q4 2024
Funding Societies made less money than last year because they were more careful in choosing who they lend money to and making sure they get it back.
The company made changes to how it makes money by adding new ways to get money from different countries and pay for things. They did this by buying a company in Singapore that helps with these types of payments. This new way of making money is supposed to help the company make even more money in the future.
Funding Societies hopes to start making money in the last part of 2024.
SME Lending Leader: Funding Societies
The company makes enough money to cover its costs and even has some left over, but it still has to pay taxes. In 2022, it paid $421,000 in taxes.
In 2022, Funding Societies spent money on a few special things, like investing in a bank in Indonesia, buying another company called CardUp, and buying back employee stock options.
Funding Societies and Carro joined forces to invest money into a bank called Bank Index in April 2022. Funding Societies put in $25.3 million and now owns 9% of the bank.
Funding Societies gave a lot of money and ownership to buy all of CardUp and most of Modalku Financial Indonesia.
This means that the amount of money gained or lost from investing activities went from $2.5 million to $32.5 million
