In a new formed partnership with Grab Financial powered by their lending and P2P financing partner, Malaysian B2B eCommerce marketplace Dropee is now offering business loans for small-to-medium enterprises (SMEs).
The new financing initiative will allow SMEs to obtain financing within 7 working days with interest rates as low as 0.8% per month.
Loans can be used by retailers to procure directly from suppliers via Dropee's platform, with shorter repayment periods of 6 - 12 months.
Founded in 2016, Dropee connects suppliers with SME business owners via their online marketplace, mainly offering supplies for the F&B, FMCG, and retail market segments.
Dropee has previously raised financing from angel investors, a grant from Cradle Fund, and a venture round from Vynn Capital.
The company now supports more than 1,400 brands, over 10,000 SKUs, and serves more than 1,000 businesses to date.