Dropee introduces SME business financing
By Digital News Asia June 11, 2019
- SMEs can procure products on the platform; loan tenure of up to 12 months
- Need to provide minimal business documents with no collateral required
MALAYSIA-based B2B e-commerce marketplace, Dropee, introduced SME business financing on June 10 with Grab Financial - powered by their lending and P2P financing partner - as a partner to provide business financing to Dropee’s merchants and retailers.
The financing can be used by retailers to procure products directly from suppliers within the platform; with a financing tenure of up to 12 months. The partnership is based on a mission shared by both partners — to help merchants and retailers grow their businesses.
This new financing initiative by Dropee and Grab Financial would allow small-to-medium enterprises (SMEs) to more easily obtain financing.
In order to obtain this SME business financing:
- Businesses only need to provide minimal business documents with no collateral required.
- Speedy processing time — funds will be credited into your bank account within seven working days upon successful evaluation.
- Interest rate as low as 0.8% per month.
- Shorter repayment period where financing can be repaid within a period of six-12 months.
Founded in June 2016, Dropee is a one-stop B2B e-commerce marketplace geared to transform the way businesses buy and sell in bulk.
Dropee’s platform connects suppliers with SME business owners in real time to streamline the product fulfilment process and facilitate bulk purchases through a suite of enterprise solutions.
Suppliers and brand owners work directly with Dropee to streamline their existing operational process to become more efficient, agile, and customer-focused.
Leveraging on Dropee’s technology, companies are able to maximize fulfilment output and deliver greater customer experience, resulting in increased new customers and order volumes.
Dropee currently specialises in the Food & Beverage, FMCG and retail market segments. It supports more than 1,400 brands, over 10,000 SKUs and serves more than 1,000 businesses to date.
Dropee has previously raised financing from angel investors, a grant from Cradle Fund and a venture round from Vynn Capital.