B2B ecommerce startup partners with Grab Financial to launch SME business financing

Malaysian business-to-business ecommerce marketplace Dropee has partnered with Grab Financial to introduce SME Business Financing services, according to a statement.

Photo credit: Dropee

Merchants and retailers can use the new service to procure directly from suppliers within Dropee’s platform with financing tenure plans of up to 12 months.

Grab Financial clarifies that it isn’t doing the lending itself, but has partnered with peer-to-peer lenders to offer the products.

The company said businesses can expect to see quick processing time and interest rates as low as 0.8% per month.

Dropee also plans to provide a shorter repayment period, in which financing can be repaid within a period of 6 to 12 months.

Founded in 2016, Dropee connects suppliers with SME business owners in real time through its platform. It currently specializes in the food and beverage industry, as well as the fast-moving consumer goods and retail market segments.

The startup, which claims to support over 1,400 brands and serve more than 1,000 businesses, previously raised funds from angel investors, a grant from Cradle Fund, and a venture round from Vynn Capital.