Funding Societies, SGeBIZ to offer embedded finance solution for SG businesses

The solution aims to help businesses manage their cash flow.

Funding Societies has entered into a strategic partnership with E-Business (SGeBIZ) to bring business-to-business (B2B) embedded finance solutions to businesses in Singapore.

The solution will use Funding Societies’ buy now pay later (BNPL) feature offered in EzyProcure’s procurement solution to help businesses manage their cash flow.

Over two thousand businesses using EzyProcure’s platform are expected to be able to apply for customised financing under the solution, supported and underwritten by Funding Societies.

The partnership is expected to tap into the embedded finance solutions ecosystem in the Asia Pacific region, which is forecasted to have a $306b market revenue potential, according to data from Ernst & Young.

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Launched in 2016, EzyProcure is a cloud-based platform that automates the business-to-business ordering, invoice reconciliation and payment processes for food and beverage businesses with their suppliers.

Meanwhile, Funding Societies is an SME digital finance platform that operates in Singapore, Indonesia, Thailand, Malaysia, and Vietnam. The FinTech company provides $1b annually of business financing to small and medium-sized enterprises (SMEs). It has disbursed over S$5b in business financing in 5 million transactions.