CLOUD company Deskera is partnering peer-to-peer financing platform, Funding Societies, to offer digital alternative lending solutions that allow small and medium-sized enterprises (SMEs) to apply for funds quickly without any paperwork.
Deskera's cloud-based product suite will integrate with Funding Societies' platform, which digitises and simplifies loan application processes by linking information, users and various processes to achieve gains in business productivity.
With the consent of Deskera's customers, Funding Societies uses this information as one of the inputs in their proprietary scoring model to approve loans and help SMEs get financing quickly to facilitate cash flow, which is a common pain point for them.
Deskera’s platform will incorporate Funding Societies’ invoice financing feature, which provides quick funding of up to S$1 million by having business-to-business SMEs pledge their invoices through an automated system.
Depending on requirements, Funding Societies' other types of loans such as property-backed loans and business term loans will also be available.
Funding Societies takes a risk-based pricing approach for the loans' interest rates, which will vary from 6 to 16 per cent.
Funding Societies’ SME clientele ranges from startups and micro-SMEs to listed companies looking for short to medium-term financing.
Both companies are based in Singapore.