Funding Societies, Southeast Asia’s largest SME digital financing platform, today announced that it has launched Elevate, a virtual card solution for micro, small and medium enterprises (MSMEs) in Singapore.
The card is available on a credit line on the FinTech platform’s website and mobile app, and entitles qualified MSMEs to interest-free credit for a period of up to 55 days. Unlike bank alternatives, no personal guarantees are required for limits under S$30,000. Funding Societies’ Elevate will close the 80% corporate credit card gap in the country’s MSME sector, which currently sees many business directors take on personal liabilities on their own credit cards in order to unlock cash flow for the company.
This launch comes on the back of Funding Societies’ recent US$294m Series C+ fundraise, some of which it has channeled to such new strategic products, solidifying its position as a one-stop shop for the region’s MSME banking needs.