The card is available on a credit line on the fintech platform’s website and mobile app and allows qualified companies to receive an interest-free credit for up to 55 days. As opposed to regular bank alternatives, SMEs won’t require any personal guarantees for credits under approximately USD 22,000.
The new card solution provided by Funding Societies aims to close the 80% corporate credit card gap in Singapore’s SMEs sector which currently sees directors taking on personal liabilities on their own credit cards to unlock cash flows for their companies.
Funding Societies recently received USD 294 million in a Series C funding round, with some of the money being used to channel new strategic products, including credit card solutions and one-stop shops for regional SMEs.
The Elevate credit card is powered by Mastercard, and entitles users to benefit from Mastercard privileges, cashbacks, and reward programmes.
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