Singapore – SME digital financing platform Funding Societies has announced the launch of ‘Virtual Card Elevate’, a virtual card solution for micro, small and medium enterprises (MSMEs) in Singapore. Said virtual card is available on a credit line on the platform’s website and mobile app, and entitles qualified MSMEs to interest-free credit for a period of up to 55 days.
This launch comes on the back of Funding Societies’ recent US$294m Series C+ fundraise, some of which it has channelled to such new strategic products, solidifying its position as a one-stop shop for the region’s MSME banking needs.
The card is enabled by banking-as-a-service provider, MatchMove, and developed in partnership with Mastercard. It offers small businesses rapid access to credit limits, where approvals of applications are given within one business day. Business owners can easily apply for the card and credit line via Funding Societies’ website using Myinfo Business, and thereafter begin tracking and managing all expenditure within the platform’s dedicated mobile app.
Shrawan Saraogi, group head of strategy for new business at Funding Societies, said, “In an environment where traditional providers issue corporate lines to only large businesses with a strong credit track record, or offer debit cards with deposit accounts, Funding Societies’ Elevate serves an urgent and important need of micro and small businesses in Singapore who need flexible credit to pay for their expenses. When business owners do not take on personal liability on their own credit cards, their business becomes more sustainable.”
Since this financing solution launched in January, Funding Societies has approved over S$1m in credit limits to small businesses across the nation. Within two months, almost one quarter of that limit has been used by its clients for company purchases and supplier payments. Elevate serves enterprises across all verticals, including the F&B, retail, e-commerce, logistics, and technology sectors.
The card also entails Mastercard privileges such as a ‘Corporate Liability Waiver’ feature that protects MSMEs against unauthorised charges being made to their business card accounts. This is in line with Funding Societies’ expansion into financial offerings for MSMEs beyond lending, like expense management.
