Funding Societies, a SME digital finance platform in Southeast Asia, and foodpanda have teamed up to provide Bumiputera merchants with access to financing at a 2% annual interest rate.
Eligible foodpanda merchants can secure up to RM100,000 in Shariah-compliant financing with flexible repayment terms of up to 24 months.
This initiative aims to provide much-needed capital to local entrepreneurs operating within the foodpanda network.
To qualify, merchants must be registered with the Companies Commission of Malaysia (SSM) and hold a valid Sijil Akuan Status PMKS from SME Corp. Malaysia.
The business must be Bumiputera-owned, with directors aged between 18 and 40.
Additionally, merchants need to have been operating for at least six months and generate a minimum annual revenue of RM60,000.
The application process is digital and requires minimal documentation, including identification documents and six months of bank statements.
According to Funding Societies and foodpanda, the approvals can be expected within days.
This collaboration builds on their previous efforts to support foodpanda merchants, having already assisted 500 businesses.
The programme is available for a limited time, with applications open until 31 January 2025. Interested foodpanda merchants can apply directly online.
Chai Kien Poon, Country Head, Funding Societies Malaysia, said,
“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.”
Tan Ming Luk, Managing Director, foodpanda Malaysia, said,
“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.”
Featured image credit: Edited from Freepik
