Pantas Partners Funding Societies To Launch Pre-Approved Invoice Financing Facility For SMEs

Pantas has partnered with Funding Societies, 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.

“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.

“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, “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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