Funding Societies Taps MatchMove to Power Real-Time Fund Requests for Its Virtual Cardby Fintech News Singapore March 11, 2022
Southeast Asian SME digital financing platform Funding Societies has selected Banking-as-a-Service (BaaS) provider MatchMove to offer virtual card solutions to their Micro, Small, and Medium-size enterprises (MSME) clients in addition to their approved loans at affordable interest rates.
The M-JIT™ solution is tailored to allow Funding Societies to decide on the real-time funding requests originating on the MatchMove platform with the convenience of receiving and responding to these requests on their own platform.
This will eliminate any under or over-funding issues to manage their client’s account balances.
Funding Societies looks to provide MSMEs in Singapore with a comprehensive suite of financial solutions including affordable short-term unsecured business financing, credit lines, and expense management tools.
Using the MatchMove-enabled Mastercard-branded Elevate card, Funding Societies will extend interest-free credit lines to MSMEs on the virtual cards for a period of up to 55 days.
Funding Societies had rolled out the Elevate virtual card earlier this month where approvals of applications are given within one business day and no personal guarantees are required for limits under S$30,000.
“MatchMove is committed to improving digital financial inclusion across the region, for individuals and businesses, and we are excited to partner with Funding Societies in taking this vision forward.
We are confident that this solution will ensure better time and money management for Funding Societies while providing affordability and convenience to their MSME clients,”
said MatchMove’s Chief Commercial Officer, Amar Abrol.
“Providing financing solutions and resolving the financing gap to credit-worthy and currently under-served MSMEs has been core to the growth of Funding Societies.
Our virtual card, Elevate, comes as part of our expansion into products beyond lending, and this collaboration with MatchMove and Mastercard is important in our charge at the forefront of MSME banking needs,”
said Shrawan Saraogi, Funding Societies, Group Head of Strategy, New Business.