- Business Guide: Key Employment Terms (KETs) for Employee Contracts in Singapore
- The Ultimate Guide To Interning In Singapore: How To Find The Best Internships, Get Fair Pay, And Maximize Your Learning Journey
- Unlock the Potential of Your Unpaid Invoices with OCBC Short-Term Invoice Financing
- Comprehensive Guide: How to Obtain a Garnishee Order and Protect Your Rights
- Complete Guide To WhatsApp In-App Payments For Singapore-Based Users
- What You Need To Know Before Applying For A Business Term Loan
- Make Sure Your Voice is Heard - How to Create a Valid Will in Singapore
- Complete Guide For Foreigner Opening Bank Account In Singapore
- Guide to Start-Up Business Loans in Singapore 2023 Edition
- SME Guide To Employer Of Record Services In Singapore
Smart Funding Buy Now Pay Later Financing
0.5 % flat int per month
$ 500,000.00
Within 10 working days
SMART FUNDING Buy Now Pay Later Scheme is a new innovative initiative to help SMEs ease their cashflows
First BNPL SME scheme in Singapore, this option provides SMEs with the flexibility to finance the purchase of good and services, with ZERO* upfront payment and instead make installment payments over 6-9 months
*subject to company financial profile
Smart Towkay Editor's Review
Calculate Your Business Loan Repayment Instantly
Within 10 Working Days For Approval
Own Choice Of Vendors
Max Loan Tenor: 9 Months
SmartFunding is a member of the Singapore Fintech Association, and holds a Capital Market Services (CMS) License from the Monetary Authority of Singapore (MAS). It is also a subsidiary of Fatfish Group, a regional venture capital and venture builder firm specialising in incubation, start-ups and early stage investments.
Fatfish was founded in 2011 and is now based in Melbourne, Australia, where it has been listed on the Australian Stock Exchange and has a subsidiary that is listed in Sweden. Fatfish also has offices and other subsidiaries in Malaysia, Indonesia, Sweden, and of course, Singapore.
The CEO of SmartFunding, Victor Chow, is most renowned in the IT industry for having served as Global Chief Operating Officer for Cloud Computing and NextGen Data Centers of Huawei Technologies. He was also previously the CEO of Aristagora International, the Founding CEO of Fintech Accelerator INSPIRASIA, and the Head of Asia for Life.SREDA Venture Capital. With over 30 years of experience, Mr Chow’s management and expertise will prove invaluable to the company.
Maximum loan up to $500,000
Maximum tenor up to 9 months
The company must be operating for more than 1 year
Annual Revenue of at least S$100,000
Buy Now Pay Later Features:
- Not Vendor Dependable (SMEs can get approval for goods and services purchase with their choice of vendors)
- Up to 9 months loan tenor which is longer than current BNPL providers in the market
- Fast application turnaround time of 10 working days
- Finance purchase of goods and services with ZERO* upfront payment
- Applicable for Pte. Ltd. Company only
*subject to company financial profile
- Latest 6 months Company Operating Account Statements
- Latest 2 years Directors' & Shareholders' NOA
- Latest 2 years Company's Financial Report
- NRIC Front & Back of Directors' & Shareholders'
- Intended Goods & Services purchase Quotation
- Latest ACRA/BIZFILE report
- Individual CBS report of directors/guarantors
- Proof Of Local Trading address (Utility bills, Telco bills,etc)
- Copy of memorandum and article of association (M&AA)
- Processing Fees:
4% of the loan amount
- Monthly Interest Rates:
0.5-1.25% flat interest per month
- No Redemption Penalty
- Late Penalty Interest: 0.1% per day on the outstanding principal
- Processing Fee: S$150
|
Grab Finance SME Loan |
|---|---|
|
Profit Rate 1.6 % flat int per month |
Max. Loan Amount $ 100,000 |
|
Smart Funding Buy Now Pay Later Financing |
|---|---|
|
Profit Rate 0.5 % flat int per month |
Max. Loan Amount $ 500,000 |
|
Minterest SME Loan |
|---|---|
|
Profit Rate 2 % flat int per month |
Max. Loan Amount $ 300,000 |
Benefits of Applying Through Us
HIGHER APPROVAL RATE
As a team of ex bankers, we are very familiar with credit criteria of individual banks with a solid track record of >80% approval rate.
HASSLE FREE APPROACH
Leave the application process to our specialists while you focus your resources on your core business.
FASTER TURNAROUND TIME
Tired of waiting for unresponsive bankers revert? Your application is our priority, reduce processing time by 3-5 working days through us!
RISK FREE PROCESS
No upfront fees, no fees applicable if we’re not enable to secure financing for your company. Performance guarantee, pay only for results!
by Smart-Towkay
SmartFunding is rolling out their latest product: Buy Now Pay Later services for SMEs.
Buy Now Pay Later (BNPL) schemes are a relatively recent phenomenon. Essentially short-term instalment payment plans, BNPL schemes have conventionally been applied to consumer spending. As a payment method, it provides consumers an option to make purchases without having to worry about upfront costs or hefty interest charges.
Transferring this concept to the realm of business financing is pleasingly deft; after all, SMEs would also certainly benefit from having the option to finance the purchase of goods and services with little or no upfront payment.
The innovative part about Smartfunding’s BNPL offering for SME is that it is not vendor dependant. SME can get approved for goods and services purchase with their vendors of choice in quick turn-around, complete the procurement with financing coming from Smartfunding in an easy and efficient digital onboarding process.
Smartfunding will make payments to the vendors as per a normal procurement process, goods or services get delivered the SME. This will help ease the cashflow of SMEs so that they could focus on making best use of their capital , especially if they dont have excess capital.
For example, a cafe needs to buy a new heavy-duty coffee espresso machine that could costs up to S$20,000 , the cafe owner just needs to apply digitally for the BNPL service at Smartfunding and named its preferred vendor and submit a copy of the quotation on the coffee machine that it is interested in. Once approved, Smartfunding will liaise with the cafe and the vendor, and onwards release payment to the vendor directly.
The vendor will deliver the coffee machine to the cafe, which will make installment payments to Smartfunding over 6 months period.
This entire BNPL process could be completed in under 10 working days if all goes smoothly.
We are a fintech (finance technology) company that connects Investors and Borrowers. We offer alternative short-term financing options for businesses, with 100% focus on SMEs and startups.
Yes, as a Capital Market Services (CMS) License holder, SmartFunding is licensed by the Monetary Authority of Singapore (MAS) to conduct the regulated activity of dealing in securities.
SmartFunding Pte. Ltd. is registered in Singapore (UEN: 201533194W).
Address: 71 Ayer Rajah Crescent #06-04, Singapore 139951.
The best way to reach us is via email (hi@smartfunding.sg)
SmartFunding acts as a platform that matches Borrowers with Investors. This role involves the following:
-
Pooling of multiple Investors
-
Credit assessment of Borrowers
-
Legal servicing and facilitation of transactions
-
Fund disbursement and monthly repayments collection
-
Bad debt resolution
Currently, they provide only Term Financing and Buy Now, Pay Later (BNPL) for SMEs scheme.
The maximum amount of a loan request depends on our credit assessment. In general, the debt securities on our platform are above $10,000, and do not go above $500,000.
If your application is approved, Smart Funding will extend a Letter of Offer setting out the terms of the loan, including the loan amount, tenure, interest rate etc.
Once you have accepted the Letter of Offer, you may submit a formal loan request for crowdfunding on our platform.
Smart Funding Investors will receive a notification of your loan request and will be able to view a loan sheet disclosing the proposed loan details and your company details. The loan request will be on their Platform for a period of 30 days or until it is 100% funded, whichever earlier (“Loan Request Period”).
At the end of the Loan Request Period, if the loan request received sufficient funding from Investors (typically 70%), then the loan request is successful. You will be required to enter into a debt instrument with the Investors and SmartFunding (where SmartFunding will be acting on behalf of Investors).
Disbursement of the crowdfunded sum (less processing fee) will be made within 2 working days from the signing of the debt instrument.
In general, our Borrowers are companies which fulfil the following criteria:
-
Have been operating for 1+ Years
-
Annual Revenues of at least S$100,000
However, we may also review companies which do not meet the above criteria on a case by case basis.
Yes, you will need to submit a new loan request for a new financing.
We provide Investors with only as much information as judged relevant for them to appropriately assess risk, be it financial or non-financial information.
No, you will not be able to access Investors’ profiles.
About Unsecured Business Loan
- May 19, 2023
- Business Financing
- May 11, 2023
- Business Loan
- May 04, 2023
- Business Loan
Subscribe to our newsletter
