Singapore – Funding Societies, the largest SME digital financing platform in SEA, has partnered with Singapore’s hauler network Haulio, to speed up payments of hauler partners across the country.
Funding Societies is an SME digital financing platform that offers growth financing solutions to creditworthy SMEs ranging from S$5,000 to S$2M. By leveraging technology, the platform is able to disburse funds in as quick as 24 hours.
The partnership is the first of its kind across the fintech and haulage sectors, which aims to benefit more than 90% of haulers in Singapore within Haulio’s network. Through this, Funding Societies’ pre-approved credit facilities will now be available on Haulio’s digital platform, allowing Haulio’s partners to enjoy access to early payment services in as quick as seven days, in comparison to the industry standard of 30 days and more.
According to the platform, the partnership comes at the right juncture as the logistics sector remains a key pillar of Singapore’s economy, contributing 1.4% to the nation’s GDP in 2019.
“The traditional logistics industry is still fragmented by complex and inefficient business processes, which means that payment delays to haulers could go up to 120 days with larger corporates, creating more obstacles to the sector’s pay-per-use model,” said Funding Societies.
Shrawan Saraogi, the head of partnerships at Funding Societies, said, “We leverage our digital platform to bridge the huge financial gap that small businesses still face today. Southeast Asia is rising to become the next global economic powerhouse and we believe this partnership with Haulio will boost the region’s trade tremendously.”
Meanwhile, Haulio’s Co-founder and CEO Alvin Ea, shared that it has always been Haulio’s mission to uplift the industry by empowering our ecosystem of users with technology.
“We hope that through this partnership with Funding Societies, our haulers will enjoy improved cash flow and greater flexibility in managing their operations, as well as set the stage for us to scale this value-added service to our fast-growing expansion markets regionally,” said Ea.
Aside from the logistics sector, Funding Societies’ suite of SME growth financing products serves across various industries such as food and beverage, healthcare, and manufacturing, as well as medical supplies.
