LIVE
///LATE STAGE • Sociolla • US$ 250M • Commerce///POLICY • Gold Export Duties: Progressive Reference-Price Ladder Kicks In///SERIES A • Hangry • US$ 10.5M • F&B///POLICY • Coal Export Tax 2026: Indonesia Signals a New Resource-Rent Phase///SERIES B • Honest • Undisclosed • Fintech///POLICY • Export FX Repatriation: Proceeds Routed Through State Banks From 2026///SEED • Arummi Foods • US$ 2M • F&B///POLICY • OJK POJK 4/2025: Financial Aggregators Move Into a Licensing Regime///PRE-SEED • IDRX • US$ 300k • Web3///POLICY • Finfluencer Rules: OJK Tightens Conduct Around Securities Marketing///SERIES C • Yup • US$ 32M • Fintech///POLICY • Dormant Accounts: New Standardization Changes Bank Data and Ops///LATE STAGE • Sociolla • US$ 250M • Commerce///POLICY • Gold Export Duties: Progressive Reference-Price Ladder Kicks In///SERIES A • Hangry • US$ 10.5M • F&B///POLICY • Coal Export Tax 2026: Indonesia Signals a New Resource-Rent Phase///SERIES B • Honest • Undisclosed • Fintech///POLICY • Export FX Repatriation: Proceeds Routed Through State Banks From 2026///SEED • Arummi Foods • US$ 2M • F&B///POLICY • OJK POJK 4/2025: Financial Aggregators Move Into a Licensing Regime///PRE-SEED • IDRX • US$ 300k • Web3///POLICY • Finfluencer Rules: OJK Tightens Conduct Around Securities Marketing///SERIES C • Yup • US$ 32M • Fintech///POLICY • Dormant Accounts: New Standardization Changes Bank Data and Ops
Return to DirectoryFunding Societies | Modalku
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Funding Societies | ModalkuSeries C+
Jakarta| Est. 2016
Series C+
Marketplace connecting SME borrowers with lenders. Revenue from origination fees (2-4%), servicing fees, and interest spreads. Focus on invoice financing and working capital.
SectorFintech / P2P Lending
Total FundingUS$ 290M (regional)
ValuationUS$ 500M (Funding Societies group)
Investment Thesis
"SME credit gap of $300B+ in SEA. Regional scale with local expertise and strong risk management."
Recent Signals
- 01Foreign funding up 12% YoY (March 2025).
- 02Compliant with OJK Regulation 40/2024.
- 03Operations in 5 countries.
- 04Strong NPL performance.
Key People
- KKelvin Teo
- RReynold Wijaya
Cap Table
Verified Funding History
| Round | Date | Amount | Participating Investors |
|---|---|---|---|
| Venture Debt | Sep 2024 | Undisclosed | Maybank Philippines |
| Series C+ | Feb 2022 | US$ 294M | SoftBank Vision Fund 2 (lead), VNG Corporation, Rapyd Ventures, EDBI, Indies Capital, K3 Ventures, Sequoia Capital India, Alpha JWC |
| Series C | Apr 2020 | US$ 40M | Existing and new investors (undisclosed) |
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