CapBay, P2P Supply Chain Financing platform registered with Securities Commission Malaysia, announced a collaboration with TheLorry their “Express Financing” Program. The program is said to be tailored to the logistics industry and is aimed at increasing accessibility of digital financing solutions to TheLorry’s SME base.
With this, they said lorry drivers can easily apply for collateral-free financing upfront and defer toll expenses up to 60 days later. CapBay has seen a spike in financing volumes in recent weeks for the Express Financing program as there has been increased activity in the logistics sector driven by a switch to e-commerce in light of Covid-19 risks.
Through the collaboration, CapBay is able to access over 10,000 driver partners on TheLorry platform, most of which are underserved by traditional banks and have very limited access to financing. CapBay enables fast and seamless onboarding with simplified credit checks, made possible using track record available from TheLorry’s platform marketplace. This means that even lorry drivers with poor credit score can enjoy favourable financing rates.
“Through the financing solutions offered by CapBay, driver-partners can now join us without much hesitation,”
said Nadhir Ashafiq, Co-founder and Executive Director of TheLorry.
“TheLorry offers a comprehensive and integrated marketplace model. We connect professional drivers with corporate and individual customers through game-changing technology. Ever since integrating our offerings with CapBay’s Invoice Financing solution to support our business and driver-partner community, we have seen operational costs reduced as well as improved cashflow position – all of this whilst empowering our driver-partners to unlock weekly cashflow at the same time.”
“Our business partners and team members have worked tirelessly to get the Express Financing program up and cater to the increased demand ahead of Hari Raya,”
said Darrel Ang, Co-Founder of CapBay.
“It was designed to help even the smallest businesses and entrepreneurs. Many of our customers who would typically struggle to get traditional financing were happy to get it from us and in time for Hari Raya. We have been a strong advocate of financial inclusiveness, and we hope our program will continue to scale in helping the B40s, during Covid-19 and beyond.”
Featured image: from left to right: Darrel Ang, Co-founder of CapBay and Ethan Lim, Country Manager of TheLorry signs MoU
