Funding Societies, Southeast Asia’s largest unified small and medium enterprise (SME) digital finance platform, has extended its partnership with Delivery Hero (M) Sdn Bhd [fka Foodpanda (M) Sdn Bhd] to offer exclusive financing for Bumiputera merchants. Eligible foodpanda merchants can access financing up to RM100,000 at a competitive 2% annual rate with a flexible financing tenor of up to 24 months. This limited-time initiative aims to empower local entrepreneurs with the capital to grow and succeed in a challenging market.
Chai Kien Poon, Country Head, Funding Societies Malaysia, remarked, “The Department of Statistics Malaysia (DOSM) reported that Malaysia’s services sector achieved a total revenue of RM2.3 trillion in 2023, an 8.4% increase from RM2.1 trillion in 2022. Despite this growth, sub-sectors such as food and beverage (1.4%) have yet to recover to their pre-pandemic (2019) revenue levels. To support these businesses, particularly MSMEs, access to cash flow is crucial. We are hopeful that this partnership between Funding Societies and foodpanda can better assist and scale underserved, creditworthy SMEs in this industry.”
“Furthermore, we are confident that this affordable financing can help food sellers to better restock supplies and prepare for upcoming seasonal growth amidst a potential surge in staple vegetable costs as a result of the recent floods and ahead of the festive season.”
“We are thrilled to extend our partnership with Funding Societies to offer this exclusive financing opportunity to our Bumiputera merchants. At foodpanda, we believe in empowering our merchants with the tools and resources they need to thrive in today’s challenging market. This initiative not only provides access to much-needed capital at an affordable rate but also reinforces our commitment to supporting local entrepreneurs, especially as they prepare for the upcoming festive season. Together, we aim to drive meaningful growth and resilience for our foodpanda merchant community,” said Tan Ming Luk, Managing Director, foodpanda Malaysia.
Under this offer, Bumiputera SMEs can apply for Shariah-compliant financing with just two initial documents: identification documents (for directors and the company) and six months of bank statements. The application is fully digital, with decisions provided within days.
Together, Funding Societies and foodpanda have assisted 500 foodpanda merchants and the latest collaboration aims to build on the momentum. Besides providing essential cash flow and growth capital, by lowering the cost of financing, the collaboration aims to level the playing field and support more underserved micro and small businesses to grow their business within the foodpanda network.
