PEER-to-peer (P2P) financing platform Funding Societies Malaysia has partnered Razer Fintech to offer short-term business financing solutions for merchants under Razer Merchant Services (RMS).
The partnership, says Funding Societies co-founder and chief executive officer Wong Kah Meng, (pic) would extend short-term financing help to 20,000 businesses including small retailers, F&B vendors and online sellers registered under the RMS platform.
Eligible merchants will have access to quick financing to help them meet business operations needs such as cyclical cash flow gap, urgent project expenses, unforeseen one-off expenses and to overcome seasonal revenue fluctuations, especially in this challenging economic period due to the Covid-19 pandemic.
“Our partnership with Razer Fintech will allow greater access to financing for the RMS merchants in obtaining collateral-free, short-term financing solutions with the added benefits of quick and seamless online application experience, thus, providing shorter turnaround time and minimum documentation requirement, ” says Wong.He notes an EY survey published in June which found that nearly half of the 670 surveyed SMEs had called for financing reliefs to cope with operations costs. The survey also made clear that financial relief and technology solutions were crucial areas of intervention to help companies survive.
“We are thrilled to partner with Funding Societies Malaysia as we leverage their extensive P2P financing platform to further grow our fintech offerings and digital payments ecosystem for our RMS merchants in Malaysia, ” says Razer Fintech chief executive officer Lee Li Meng.
Funding Societies will also be introducing a new product, the micro credit line, to eligible RMS merchants which enables SMEs to draw a short credit period of between 45 days and 90 days, anytime.
