Fintech startup Aspire announces partnership with e-commerce leader Lazada to provide online merchants with almost instant access to working capital during this COVID-19 pandemic.
Aspire is a digital platform providing financial solutions for small and medium businesses, including credit line applications. In this partnership with Lazada, Aspire is offering working capital loan of up to S$100,000 within 3 hours of application – a departure from the weeks’ long industry standard timeline normally offered by traditional banks.
Business owners can apply online through Aspire’s website (www.aspireapp.com/sg) with minimal paperwork, or choose to sign up via MyInfo (CorpPass), which offers 1-Click integration. They can then log-in through their Lazada seller accounts, removing any need for paperwork involved in the credit process.
The signup process can be completed under 5 minutes, and approval is granted within 3 hours of application. Upon approval, working capital can be drawn down immediately to the registered bank account. There are no obligations to draw the full amount and Aspire will only charge on drawn funds.
The programme is open to Lazada sellers who have been in operation for at least 3 months on the platform. This instant credit line application aims to help businesses run normal operations under this “new normal”, enabling them to stay competitive in the marketplace.
“We hope to create a meaningful difference during these trying times, where local businesses cannot afford to wait for long approval processes during the circuit breaker period. Leveraging our technical edge, we are able to provide Singaporean businesses with the capital they need today, within hours on the same day,” said Joel Leong, Co-Founder and Country Manager of Aspire Singapore.
“We have an obligation to ‘keep the lights on’ for our sellers during these challenging times, and we are glad to be working with Aspire to provide financial assistance to our seller partners to tide through the circuit breaker measures,” said Carey Chong, Chief Operating Officer, Lazada Singapore. “This provides our business owners with the flexibility to pivot their strategy, as many entrepreneurs are now looking towards eCommerce to diversify their revenue streams.”
Aspire is a leading SME-focused Fintech serving a new generation of digital-savvy businesses with a mobile-first digital business account across Thailand, Vietnam, Indonesia, Singapore. Founded in January 2018 by former Lazada founders and executives, the company graduated from Y Combinator Winter 2018 batch and it is part of the YC Continuity Growth program Winter 2020.
About Lazada Group
Founded in 2012, Lazada Group is the leading eCommerce platform in Southeast Asia. We are accelerating progress in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam through commerce and technology. With the largest logistics and payments networks in the region, Lazada is a part of our consumers’ daily lives in the region and we aim to serve 300 million shoppers by 2030. Since 2016, Lazada has been the Southeast Asia flagship platform of Alibaba Group powered by its cutting-edge technology infrastructure.