Dropee, a Malaysian B2B eCommerce marketplace that digitises supply chain to better connect businesses, announced a partnership with Grab Financial in launching SME Business Financing.

The initiative seeks to provide business financing to Dropee’s merchants and retailers who have successfully applied to procure inventories on Dropee’s B2B platform, with financing tenure up to 12 months.

Some highlights of this deal include:

  • Businesses only need to provide minimal business documents with no collateral required.
  • Speedy processing time — funds will be credited into applicants’ bank account within seven working days upon successful evaluation.
  • Interest rate as low as 0.8 per cent per month.
  • Shorter repayment period where financing can be repaid within a period of 6-12 months.

Founded in June 2016, Dropee’s platform connects suppliers with small-to-medium enterprise (SME) business owners in real time to streamline the product fulfillment process and facilitate bulk purchases.

Dropee currently specializes in the Food & Beverage, fast-moving consumer goods (like groceries) and retail market segments.

Also Read: These 6 deep tech startups are set to compete for expansion opportunity in Suzhou

Dropee claimed that it has supported more than 1,400 brands, over 10,000 SKUs, and served more than 1,000 businesses to date.

In the past, Dropee has raised financing from angel investors, a grant from Cradle Fund and a venture round from Vynn Capital.