Deskera, Funding Societies partner to help SMEs improve their cash flow

Singapore-headquartered cloud-based platform Deskera has partnered with peer-to-peer (P2P) lender Funding Societies, popularly known as Modalku in Indonesia, to support SMEs in Southeast Asia by providing them an alternative financing solution.

The partnership will enable SMEs to digitize their financing process, and help them apply for funding rather seamlessly without the hassle of paperwork. Besides, the partnership will also provide SMEs in Singapore an alternative funding scheme to optimise their cash flow.

Further, Funding Societies’ ‘Invoice Financing’ service will help B2B SMEs process their invoices through an automated system and release funding in advance, that will help manage their cashflow constraints.

The ‘Invoice Financing’ feature claims to provide SMEs fast and customized financing up to S$1 million, with funds disbursed as early as 5 days.

Softbank Asia Ventures and Sequoia India-backed Funding Societies’ SME clients include startups, micro-SMEs and publicly-listed companies looking for short to medium-term financing.

“The platform digitizes and simplifies the process for businesses by linking information, users, and various processes to gain business productivity. This partnership will provide a fast and effective financial solution that many SMEs are seeking as a way for their businesses to strive,” Deskera chief executive Shashank Dixit said in a statement. 

SMEs often face financing constraints, particularly in terms of their cash flow as payment disbursement typically takes 30-90 days.

According to a research conducted by consumer credit rating company Experian, at least 34 per cent SMEs are facing external finance-related hurdles, of which around 84 per cent have delayed their payments, citing finance-related issue.

Deskera, in the past, has partnered with a slew of organizations, government agencies, and educational institutions to support their businesses, using a built-in cloud product and technology. The company also empowers firms to ease access to their accounting information, finances, projects, payrolls, customers and logistics.

Meanwhile, Funding Societies has been empowering SMEs in the region by creating a crowdfunding scheme, in which high-net-worth individuals and companies can help finance SME businesses.

In the past four years, the company has disbursed financing to at least 500,000 SME, with $600 million in total funds.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.