KUALA LUMPUR: 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.
Funding Societies Malaysia country head Chai Kien Poon 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, he added they 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 entre-preneurs, especially as they prepare for the upcoming festive season. Together, we aim to drive meaningful growth and resilience for our foodpanda merchant community,” said foodpanda Malaysia managing director Tan Ming Luk.
Under this offer, Bumiputera SMEs can apply for syariah-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.
To be eligible for this financing, merchants must be registered with the Companies Commission of Malaysia as either a sole proprietorship, a partnership, a private limited company (non-subsidiary of listed companies), or an unlisted public limited company with at least 30% Malaysian ownership; have the Sijil Akuan Status PMKS from SME Corp Malaysia; is a Bumiputera-owned company; have company directors between 18 and 40 years old; have been in operation for at least six months; and have a minimum annual revenue of RM60,000.
