TheLorry, microLEAP partner for shariah-compliant financing
By Digital News Asia April 12, 2022
- Partnership will enable TheLorry convenience of invoice financing
- Caps at US$118,200 per investment note over a three months period
Shariah-compliant P2P (peer-to-peer) financing platform, microLEAP has announced a strategic and multi-faceted partnership with TheLorry, a leading Malaysian logistics tech platform.
In a joint statement, the companies said this strategic collaboration provides TheLorry with flexible and convenient invoice financing and term financing options through microLEAP’s strong base of local investors seeking shariah-compliant investment opportunities.
This is in addition to the former looking to fulfil customer orders on behalf of blue-chip companies and local merchants operating via online platforms and local hypermarkets, they added.
Both companies also said that the deal has a maximum cap of up to US$118,200 (RM500,000) per investment note, over a three-month period for invoice financing and a 12-month period for term financing, where both options will be shariah-compliant.
Investors can expect to see gross returns of up to 15% annually, they added.
Danny Nasaifuddin Mudzaffar, founder & chief executive officer of microLEAP, said the company is thrilled to have a leading, homegrown tech company like TheLorry come to its platform and provide investors with yet another strong financing Investment opportunity with solid returns.
“This is very much a win-win situation for all parties involved and we look forward to successfully carrying out this long-term initiative,” he said.
The company said strategic partnership will also allow TheLorry to serve its merchants more seamlessly, as the country moves into an endemic phase, signalling an opportune time to offer business financing in support of underserved SMEs.
“Being a market leader in the logistics industry for eight years and constantly supporting SMEs, we are more than delighted to establish this partnership as it is in line with our vision of supporting local businesses,” said Nadhir Ashafiq, group co-CEO of TheLorry.
“As international borders reopen, we hope that this new financing method will ensure smoother, more seamless business operations for our trusted merchants,” he added.
Moving forward, microLEAP said it is looking to expand its presence through various partnerships with both public and private entities, while offering a win-win scenario for both Investors and Issuers that is also shariah-compliant through its platform.
To date, the company has disbursed over US$4.7 million (RM20 million) of financing to its issuers, as it continues making its mark in the nation’s P2P financing industry.
Click here for more details of the deal.
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