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Deskera partners with Funding Societies to provide alternative financing solutions

Shashank Dixit, CEO, Deskera

San-Francisco-based Deskera, a cloud-based platform provider has announced a partnership with Funding Societies, a peer-to-peer financing platform based in Southeast Asia. The partnership is aimed at helping small and medium enterprises (SMEs) optimise their cash flow by providing alternative financing solutions such as digitisation of financing. A first of its kind partnership with leverage innovative solutions to eliminate SMEs need for paperwork.

According to the 2018 SME Development Survey conducted by DP Information Group (now known as Experian), 34% of SMEs were facing external finance-related challenges, of which a staggering 84% of these SMEs quoted delayed payments from customers as the key finance-related issue. This makes it harder for SMEs to obtain funding from banks and other financial institutions where the Deskera and Funding Society partnership comes in.

Deskera’s platform will incorporate Funding Societies’ Invoice Financing feature, whereby B2B SMEs will be able to pledge their invoices through an automated system and release funding in advance, rescinding their cash flow constraints. Funding Societies Invoice Financing product provides SMEs fast and customisable financing of up to SGD1 million with funds disbursed as early as within 5 days. Funding Societies’ SME clientele ranges from startups, micro-SMEs, to listed companies looking for short to medium term financing.

On this partnership, Shashank Dixit, CEO, Deskera, said, “Deskera’s cloud-based product suite will provide extensive integration with Funding Societies’ platform. The platform digitises and simplifies the process for businesses by linking information, users, and various processes to gain business productivity. With the consent from Deskera’s customers, Funding Societies uses this information as one of the inputs in their proprietary scoring model to approve loans and help SMEs gain access to quick financing to facilitate cash flow.”

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