Reynold Wijaya studied for an MBA at Harvard Business School, where he and Kelvin Teo founded Funding Societies in February 2015. The company connects small and medium businesses with lenders through peer-to-business lending.
In its first month the platform received about S$3 million in loan applications, and about S$250,000 was disbursed. Demand was never the problem. The work was building credit assessment and lender trust.
Modalku, the Indonesian arm, launched in January 2016. A partnership with DBS followed in April 2016, and in November 2016 the company became one of six licensed SME lending platforms in Malaysia.
Funding Societies launched in Thailand in February 2021. Maybank invested in 2024, and the company has disbursed more than $2.6 billion to micro, small and medium businesses.