Funding Societies, Malaysia’s leading SME digital financing platform, has extended its partnership with global delivery firm Delivery Hero’s subsidiary foodpanda to offer exclusive financing for Bumiputera merchants in Malaysia.
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Through this program, qualified Foodpanda merchants can obtain up to RM100,000 in financing with repayment terms of up to 24 months and a low 2% annual rate. The program’s goal is to give local business owners the critical financial support they need to expand and thrive in the competitive market of today.
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The announcement claims that Funding Societies and Foodpanda have helped 500 Foodpanda merchants, and the new partnership intends to continue the trend.In addition to offering vital growth and cash flow funding, the partnership seeks to level the playing field and assist more marginalized micro and small enterprises in expanding inside the foodpanda network by reducing financing costs.
In 2023, Malaysia’s services sector generated MYR 2.3 trillion ($511 billion), an 8.4% growth from MYR 2.1 trillion ($466 billion) in 2022, according to the Department of Statistics Malaysia (DOSM). Subsectors including food and beverage (1.4 percent) have not yet returned to their pre-pandemic (2019) revenue levels, despite this growth.
Chai Kien Poon, Country Head, Funding Societies Malaysia, said, “We are hopeful that this partnership between Funding Societies and foodpanda can better assist and scale underserved, creditworthy SMEs in this industry. Furthermore, we are confident that this affordable financing can help food sellers to better restock supplies and prepare for upcoming seasonal growth amidst a potential surge in staple vegetable costs as a result of the recent floods and ahead of the festive season.”
Tan Ming Luk, Managing Director, foodpanda Malaysia, said, “This initiative not only provides access to much-needed capital at an affordable rate but also reinforces our commitment to supporting local entrepreneurs, especially as they prepare for the upcoming festive season. Together, we aim to drive meaningful growth and resilience for our foodpanda merchant community.”
About Funding Societies | Modalku
Funding Societies | Modalku is Southeast Asia’s largest unified SME digital finance platform that provides business financing to SMEs, as well as investment opportunities to retail and institutional investors. Launched in early 2017 in Malaysia, Funding Societies is one of the first digital financing platforms to be registered with the Securities Commission of Malaysia. It is also one of the most well-funded FinTech platform in the region, with a USD144 million Series C+ equity funding round led by SoftBank Vision Fund 2, with participation from VNG, Rapyd Ventures, EDBI, Indies Capital, Ascend Vietnam Ventures, Sequoia Capital India and BRI Ventures.
Funding Societies is also present in Singapore, Indonesia (where it is known as Modalku), Thailand as well as Vietnam. Funding Societies | Modalku has reached a total of more than RM15 billion in disbursed working capital to more than 100,000 SMEs since its establishment.
About Foodpanda
foodpanda consists of problem solvers, designers and thinkers, working around the clock to make foodpanda the most powerful online tool for food convenience in the universe. foodpanda operates in 11 locations worldwide.
