06.04.2022
Categories: industry, people

Pantas and Funding Societies Launch Industry Leading Pre-Approved Automated Invoice Financing for SMEs

  • Pantas Software and Funding Societies have entered into an agreement which aims to provide SMEs with an easily accessible financial safety net, leveraging on the companies’ proprietary data and algorithms
  • An alumni of Malaysia Digital Economy Corporation’s (MDEC) flagship SME Digital Accelerator programme, Pantas and its partner Funding Societies aim to cut end-to-end invoice financing process to as little as two business days

CYBERJAYA, 6 APRIL 2022 – Fintech startup Pantas has partnered with Funding Societies, Southeast Asia’s largest SME digital financing platform, to launch an industry leading pre-approved automated invoice financing facility for small and medium enterprises (SMEs) in Malaysia.The partnership aims to provide SMEs with an easily accessible financial safety net. Leveraging on Pantas’ and Funding Societies’ proprietary data and algorithms, SMEs are automatically pre-approved for invoice financing facility via Pantas’ free e-invoicing software. The pre-approved financing is there for the SMEs when they need it, but they are under no obligation to use it.

The solution will reduce the time spent on the end-to-end invoice financing process (from facility approval to money in the bank account) to as little as two business days, as compared to the industry standard of several weeks whilst offering competitive interest rates. In addition, SMEs can also obtain a higher pre-approved limit by transacting more on Pantas.

“As the lead digital economy agency in Malaysia, Malaysia Digital Economy Corporation (MDEC) lauds this partnership between Pantas and Funding Societies. The introduction of this innovative and industry-leading digital solution will prove valuable for SMEs, which form the economic backbone of Malaysia. The pre-approved financing will further drive digital adoption among SMEs and propel Malaysia as a leading digital nation,” said Mahadhir Aziz, CEO, MDEC.

“Every business deserves to have a financial safety net for the rainy days. The pre-approved financing will provide SMEs with seamless access to working capital and alleviate cash flow constraints. Businesses that utilise Pantas’ free software to digitise their billing, invoicing, and payment process will automatically gain access to the pre-approved financing facility. The partnership with Funding Societies enables us to extend our reach to the underserved SMEs who could benefit greatly from these solutions,” said Max Lee, the Co-Founder and CEO of Pantas.

Wong Kah Meng, Co-Founder and CEO of Funding Societies Malaysia, said, “Cash flow management is vitally important for businesses to ensure profitability and sustainability. Since its introduction, our invoice financing products have helped SMEs to optimise cash flow, eliminate long-due invoices concern, access liquidity, and improve working capital performance. We are pleased to form this partnership with Pantas that would enhance both the choices and the speed at which financing solutions will be offered to underserved SMEs.”

Pantas has also partnered with MDEC to be a part of their flagship SME Digital Accelerator programme. The programme was created to assist Malaysian SMEs by providing a structured approach to adopting digitalisation.

“Our partnership with Pantas for the SME Digital Accelerator programme is a testament to the continuous support MDEC has provided to grow and catalyse the digital economy ecosystem in Malaysia. While 98.5 percent of all businesses in Malaysia are SMEs, World Bank states that digital adoption among them are still lagging compared to larger enterprises. MDEC, along with partners like Pantas, will continue to step up to ensure Malaysia stays a globally competitive digital nation,” added Mahadhir.

 

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About Pantas Software

Pantas is a Malaysia MSC Status Company that provides businesses with a free software to automate and digitize their billing, invoicing, and payment workflow. Pantas works with a select group of financing partners to support the working capital needs of local SMEs. Its proprietary machine learning technology assesses SMEs’ creditworthiness, simplifies the financing application process, and provides them with access to financing at an affordable rate.

For more information on Pantas’ platform and services, please visit pantas.com

About Funding Societies

Funding Societies | Modalku is the largest SME digital financing platform in Southeast Asia. It is registered and licensed in Malaysia, Singapore, Indonesia, and Thailand, and backed by Sequoia India and Softbank Ventures Asia Corp amongst many others. It provides business financing to small and medium-sized enterprises (SMEs), which is funded by individual and institutional investors. In 7 years, it has helped finance over 5 million business loans with over RM9 billion in financing. It was given the Digitalizing Services for Retail Participations award by Securities Commission Malaysia during the INVESTSMART® FEST 2019, the Monetary Authority of Singapore (MAS) FinTech Award in 2016, the Global SME Excellence Award at the United Nations’ ITU Telecom World in 2017, KPMG Fintech100 in 2018, Brands for Good in 2019, and in 2020 recognised by IDC as amongst the 5 fastest growing FinTechs in Singapore, won the Stevie® Award, and named ASEAN Startup of the Year by Global Startup Awards.

 

For more information on Funding Societies Malaysia, please visit https://fundingsocieties.com.my

 

About Malaysia Digital Economy Corporation (MDEC) 

Malaysia Digital Economy Corporation (MDEC) is the agency under the Ministry of Communications and Multimedia Malaysia leading the digital transformation of the economy for 25 years. We aim to enable a progressive, innovation-led digital economy.

MDEC will continue to lead Malaysia towards becoming a globally competitive digital nation through the development and execution of the Malaysia Digital initiative, which aims to create substantial digital economic spill-over through equitable access to digital tools, knowledge, and income opportunities. 

Predicated on a new framework built upon three primary components – Agility, Flexibility, and Relevance – Malaysia Digital is set to enhance Malaysia’s value proposition to attract digital investments, firmly establishing Malaysia as the digital hub of ASEAN. 

 

#SayaDigital #MalaysiaDigital

 

To find out more about MDEC’s Digital Economy initiatives, please visit us at www.mdec.my or follow us on: Facebook: https://www.facebook.com/MyMDEC/ Twitter: @mymdec

 

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