Pantas, fintech startup, has teamed up with Funding Societies to launch an industry leading pre-approved automated invoice financing facility for small and medium enterprises (SMEs) in Malaysia.
The partnership aims to provide SMEs with an easily accessible financial safety net.
SMEs are automatically pre-approved for invoice financing facility via Pantas’ free e-invoicing software, The pre-approved financing is there for the SMEs when they need it, but they are under no obligation to use it.
This solution reduces the time spent on the end-to-end invoice financing process (from facility approval to money in the bank account) to as little as two business days, as compared to the industry standard of several weeks whilst offering competitive interest rates. In addition, SMEs can also obtain a higher pre-approved limit by transacting more on Pantas.
“Every business deserves to have a financial safety net for the rainy days. The pre-approved financing will provide SMEs with seamless access to working capital and alleviate cash flow constraints. Businesses that utilise Pantas’ free software to digitise their billing, invoicing, and payment process will automatically gain access to the pre-approved financing facility. The partnership with Funding Societies enables us to extend our reach to the underserved SMEs who could benefit greatly from these solutions,” said Max Lee, the Co-Founder and CEO of Pantas.
“Cash flow management is vitally important for businesses to ensure profitability and sustainability. Since its introduction, our invoice financing products have helped SMEs to optimise cash flow, eliminate long-due invoices concern, access liquidity, and improve working capital performance,” Wong Kah Meng, Co-Founder and CEO of Funding Societies Malaysia said.
Pantas has also collaborated with MDEC to be a part of their flagship SME Digital Accelerator programme. The programme was created to assist Malaysian SMEs by providing a structured approach to adopting digitalisation.
“Our partnership with Pantas for the SME Digital Accelerator programme is a testament to the continuous support MDEC has provided to grow and catalyse the digital economy ecosystem in Malaysia. While 98.5 percent of all businesses in Malaysia are SMEs, World Bank states that digital adoption among them are still lagging compared to larger enterprises. MDEC, along with partners like Pantas, will continue to step up to ensure Malaysia stays a globally competitive digital nation,” Mahadhir Aziz, CEO of MDEC said.
