SmartLend streamlines SME financing with digital platform

SmartLend has launched a fully digital alternative financing platform in Singapore. The platform aims to simplify loan access for small and medium-sized enterprises (SMEs) by eliminating the need for intermediaries.

Securing loans from traditional banks can be challenging for many SMEs due to strict credit requirements. Navigating the alternative financing market often involves brokers who impose fees ranging from 3% to 7%. SmartLend offers a free-to-use platform that provides transparency in financing options, helping businesses secure the best funding available without incurring extra charges.

The platform integrates with Singpass and Credit Bureau Singapore for real-time financial data retrieval, considerably speeding up the loan application process. Traditionally, it took several days of paperwork. Now, SMEs can complete applications in minutes.

By connecting businesses directly with various trusted lenders, SmartLend facilitates cost-effective access to financing. Eliminating intermediaries benefits businesses and lenders by creating a streamlined and efficient process. The platform's intelligent matching engine initially prioritises the most cost-effective traditional bank financing before suggesting alternative lenders, ensuring businesses secure the best terms possible.

Danny Phua, CEO of SmartLend, explained the advantages of the new platform: "While Smart Towkay, our comparison platform, has already helped over 5,000 SMEs secure more than USD $100 million in funding, the process was still largely manual, requiring businesses to sort through offers and follow up on paperwork. SmartLend takes this to the next level by automating the entire process, from loan matching to application, offering businesses a seamless, digital-first experience."

"By building on Smart Towkay's success, we've created an integrated ecosystem that makes accessing alternative financing more accessible, efficient, and borrower-friendly."

SmartLend is also broadening its financing options to include property equity term loans, allowing SMEs to leverage their assets for capital. This initiative aims to provide businesses with greater financial flexibility to meet operational needs. It will soon include features such as an instant property valuation tool and a document vault for tracking loans across multiple lenders.

Phua commented, "Our approach is simple: SMEs deserve a platform that works in their favour. SmartLend empowers businesses to take control of their financing journey without unnecessary delays or extra third-party consultancy costs."

This new player in SME financing is set to make alternative financing more accessible, transparent, and cost-effective for businesses across Singapore.