P2P lending platform Funding Societies teams up with Lazada Malaysia for SME financing

The tie-up allows Lazada Malaysia’s merchants to apply for working capital from Funding Societies

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Digital peer-to-peer (P2P) lending platform Funding Societies Malaysia has teamed up with Lazada Malaysia to offer short-term financing and e-commerce financing for online merchants on the Lazada platform, Fintech News Malaysia reports.

The partnership aims to support the empowerment of micro, small, and medium enterprises (MSMEs) in the country, while Lazada’s merchants can apply for working capital in order to grow their business, increase revenue growth, and bridge any short-term liquidity gap.

Funding Societies said in its statement that this collaboration will provide more opportunities for online businesses to get tailor-made financing products conveniently.

The statement added that eligible merchants will be able to receive lower interest rates, flexible tenure between three to twelve months, retention sum requirement waived, and fast disbursement with approval within five working days.

Funding Societies is present in Singapore, Malaysia, and in Indonesia under the brand Modalku. In April 2018, the startup raised USD 25 million Series B funding round led by Softbank Ventures Asia and brings the company’s total funding to USD 42.5 million. According to its official website, Funding Societies has disbursed loans totaling MYR 2 billion (USD 483 million) to SMEs across Southeast Asia since its establishment.