Singapore, 29 May 2019 - Deskera, Asia’s leading Cloud-based platform, and Funding Societies, Southeast Asia’s largest Peer-to-Peer (P2P) financing platform, is entering into a partnership with the aim to support underserved SMEs by providing alternative financing solutions.With the two organisations working together, SMEs will also be able to take a step into the digitisation of financing. In using such digital methods, businesses are able to apply for funds without the inconvenience of paperwork. This partnership will be the first of its kind, where the largest P2P financing platform (in the region), and one of the leading Enterprise Resource Planning (ERP) software systems will come together to provide innovative financing solutions for small and medium enterprises (SMEs) in Southeast Asia to optimise their cash flow.
For SMEs, cash flow is a constant concern. In particular, SMEs in the B2B sector face a cash flow crunch with payment terms between 30 and 90 days where there are delays beyond that as well. According to the 2018 SME Development Survey conducted by DP Information Group (now known as Experian), 34% of SMEs were facing external finance-related challenges, of which a staggering 84% of these SMEs quoted delayed payments from customers as the key finance-related issue. Additionally, smaller and younger SMEs lack assets and capital, therefore often face challenges in obtaining funding from banks and financial institutions compared to their larger counterparts.
The push for partnerships and a stronger economy in Singapore has encouraged Deskera and Funding Societies to collaboratively join forces and provide a better funding solution to help enhance the growth of SMEs. This partnership will provide a fast and effective financial solution that many SMEs are seeking as a way for their businesses to strive. Deskera’s platform will incorporate Funding Societies’ Invoice Financing feature, whereby B2B SMEs will be able to pledge their invoices through an automated system and release funding in advance, rescinding their cash flow constraints. Funding Societies Invoice Financing product provides SMEs fast and customisable financing of up to S$1 million with funds disbursed as early as within 5 days. Funding Societies’ SME clientele ranges from startups, micro-SMEs, to listed companies looking for short to medium term financing.
On this partnership, Shashank Dixit, CEO, Deskera, said, “SMEs are in a transformative phase with evolved financial needs. Therefore, it is imperative for funding/financial lenders to evolve accordingly. Our goal is to help SMEs gain smooth access to the required capital as per their business growth. This partnership makes the entire process a lot easier and safer for SMEs.
Deskera’s cloud-based product suite will provide extensive integration with Funding Societies’ platform. The platform digitises and simplifies the process for businesses by linking information, users, and various processes to gain business productivity. With the consent from Deskera’s customers, Funding Societies uses this information as one of the inputs in their proprietary scoring model to approve loans and help SMEs gain access to quick financing to facilitate cash flow.
Kelvin Teo, CEO and co-founder of Funding Societies said, “We’re excited to partner with Deskera who share the same mission of serving SMEs. By integrating our financing solution into the SME ecosystem, we hope SMEs will enjoy faster and more seamless financing to fuel their growth.”
Deskera is Asia’s leading cloud company with a mission to help businesses unlock their true value and achieve success using technology. The company, today empowers thousands of organisations, educational institutes, Government agencies to build their businesses better with a safe, secure, and reliable product offering built in the cloud. Deskera helps businesses anytime, anywhere, access to their accounting information, finances, projects, payrolls, customers and logistics. Headquartered in Singapore, the company is present around the world with offices in Malaysia, Indonesia, Philippines, US, and India. Deskera has grown exponentially in the last few years and is one of the most successful and fastest growing organizations in Asia. Winner of several rewards recognitions including the Asian Private Equity Venture Capital (AVCJ) Awards 2018 for ‘Deal of the Year – Early-Stage Technology’ and Influential Brands Asia 2018 Outstanding CEO of the year, Deskera is recognized by several industry experts like Frost & Sullivan, Deloitte, CIO Advisor, Red Herring, and so on.
For more information, please visit http://www.deskera.com.
About Funding Societies
Funding Societies | Modalku is the largest Peer-to-Peer (P2P) lending platform in Southeast Asia. Backed by Softbank Ventures Asia Corp. and Sequoia India, it provides business financing to small and medium-sized enterprises (SMEs), which is crowdfunded by retail and institutional investors as well as high-net-worth individuals. In 4 years, it has financed over 500,000 business loans at over S$600 million with licensed/approved operations in Singapore, Indonesia, and Malaysia. In Singapore, Funding Societies holds a Capital Market Services License issued by the Monetary Authority of Singapore. It was also named Fintech Top 100 by KPMG in 2018; Best Customer Experience by Retail Banker in 2017; and awarded the MAS Fintech Award (SME Category) in 2016.
Check out our story: https://blog.fundingsocieties.com/our-story/
Tel : +65 6221 0958
Email : firstname.lastname@example.org
Funding Societies is the leading peer-to-peer lending platform in Southeast Asia. We specialize in all forms of short-term financing for SMEs, crowdfunded by individual and institutional investors. We pride ourselves with speed and flexibility, offering the widest range of term loan, trade finance and micro loan products. Back by SoftBank Ventures Asia Corp. and Sequoia India, Funding Societies has helped to finance over S$1 billion business loans regionally. It is dedicated to the vision of enabling SMEs through equitable financial access, ultimately making a positive impact for our societies in Southeast Asia.
Funding Societies Pte. Ltd. and FS Capital Pte. Ltd. are part of the Funding Societies Brand.
Funding Societies Pte. Ltd.
Business Registration No.: 201505169M | CMS License No.: CMS100572
FS Capital Pte. Ltd.
Business Registration No.: 201631787R
© 2020 Funding Societies Pte. Ltd. & FS Capital Pte. Ltd. All rights reserved.