# Fay Chetnakarnkul

> Fay Chetnakarnkul is a debt financing investor at Norfund backing FinTech and Lending. See 4 investments, check sizes, portfolio. Updated Aug 2026.

- Type: Angel Investor
- Fund: [Norfund](https://shizune.co/investors/profile/norfunds)
- Total investments: 4
- Last investment: Nov 2023
- Lead investor: 50%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/in/fay-chetnakarnkul-503a4673/?originalSubdomain=th
- Website: https://www.norfund.no/person/fay-chetnakarnkul/

Fay Chetnakarnkul is an Investment Director, Head of the Asia Region at Norfund. He attended The Johns Hopkins University - Paul H. Nitze School of Advanced International Studies (SAIS).

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| FinTech | 3 | 75% |
| Lending | 3 | 75% |
| Financial Services | 3 | 75% |
| B2B | 1 | 25% |
| Energy | 1 | 25% |

14 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Debt Financing | 2 | 50% |
| Funding Round | 1 | 25% |
| Venture - Series Unknown | 1 | 25% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Indonesia | 2 | 50% |
| Myanmar | 1 | 25% |
| Singapore | 1 | 25% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Funding Societies | Funding Societies operates an online platform that connects individual and institutional investors with SMEs seeking loans. The platform allows SMEs to access financing quickly and efficiently, often bypassing traditional banks. The company has operations in multiple Southeast Asian countries, including Singapore, Malaysia, Indonesia, and Thailand. | $7.5M | Debt Financing | Nov 02, 2023 |  |
| Modalku | Modalku is an online marketplace based in Jakarta, Indonesia for small businesses to acquire loans and for lenders to fund small business loans to earn compelling returns. Its technology-based approach enables borrowers to receive loans for the first time or at lower than market rates, while lenders will earn returns well above that of bankdeposits, traditional fixed income products, and life insurance investment-linked products. This marketplace lending model is proven in countries such as USA, UK, China & Singapore. | $38.7M | Debt Financing | Sep 26, 2023 |  |
| Amartha | Amartha is a financial technology company that connects micro and SME business partners with investors. | $7.5M | Venture - Series Unknown | Jun 03, 2021 |  |
| Yoma Micro Power | Yoma Micro Power builds, owns, and operates small-scale power plants and mini-grids in off-grid areas of Myanmar. These systems provide electricity to off-grid telecommunication towers and the surrounding communities including households. | $28M |  | Apr 03, 2018 |  |

4 of 4 investments shown.

## Co-investors
- [AlteriQ Capital](https://shizune.co/investors/profile/alteriq-capital) — VC Fund, 1 deal together
- [Aument Capital Partners](https://shizune.co/investors/profile/aument-capital-partners) — VC Fund, 1 deal together
- [Orange Bloom](https://shizune.co/investors/profile/orange-bloom) — VC Fund, 1 deal together

## About Norfund

VC Fund · Oslo, Norway

Norfund is an active, strategic minority investor. They offer risk capital and expertise to help building sustainable businesses in poor countries.Norfund aim to invest in countries where they can have the greatest impact. In countries where the private sector is weak and access to capital is scarce. This is primarily in Sub-Saharan Africa, butalso in some countries in South East Asia and Central America.

4 contacts available at Norfund.

| Name | Title | Profile |
| --- | --- | --- |
| Fay Chetnakarnkul | Investment Director, Head of Asia Region | https://shizune.co/investors/profile/fay-chetnakarnkul |
| Donald Kariuki | Investment Manager | https://shizune.co/investors/profile/donald-kariuki-b182 |
| Mark Davis | Investment Director | https://shizune.co/investors/profile/mark-davis-14 |
| Tellef Thorleifsson | CEO | https://shizune.co/investors/profile/tellef-thorleifsson |

## Similar investors

### Similar stage
- [ENISA](https://shizune.co/investors/profile/enisa-2) — VC Fund
- [Development Bank of Wales](https://shizune.co/investors/profile/development-bank-of-wales) — VC Fund
- [The FSE Group](https://shizune.co/investors/profile/finance-south-east) — VC Fund

## FAQ

### What does Fay Chetnakarnkul invest in?

Fay Chetnakarnkul invests primarily in FinTech, Lending and Financial Services startups, most often at Debt Financing and Funding Round stage. Most of the 4 investments tracked by Shizune back companies in Indonesia. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### When did Fay Chetnakarnkul last invest?

The most recent investment recorded for Fay Chetnakarnkul closed in Nov 2023. Shizune tracks 4 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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