Opal and Choco Up partner to offer revenue-based financing to businesses
Opalmajor payment institution (MPI) approved by the Monetary Authority of Singapore (MAS) partnered with a growth financing partner Chocolate Up, a revenue-based funding platform in Asia. Together, they will offer a range of financing and growth solutions for e-commerce and digital businesses, the most unique of which is revenue-based financing (RBF).
Choco Up offers companies of all sizes flexible, capital-free financing to accelerate their growth. Its proprietary fintech platform enables a seamless and automated funding process that allows clients to quickly onboard Choco Up’s platform by directly integrating their business data through Opal’s APIs. Choco Up’s smart growth analytics solution also allows companies to review all of their business performance data in one place, helping them identify pain points, optimize their business and stay ahead of the competition.
RBF is unique in the region as merchants only repay by sharing a small proportion of their monthly income during repayment. With RBF, merchants no longer have to worry about late payments due to unstable cash flow. Businesses can repay more when they grow faster and preserve cash when they grow slower. This option is ideal if traders need growth capital to unlock market opportunities and grow their business. Additionally, funds can be disbursed in as little as 48 hours.
Under this strategic partnership, any business with a global digital business account with Opal receiving payments on the account is more likely to qualify for the RBF, and on more competitive terms. Indeed, Opal’s Global Digital Business Account allows businesses to get paid worldwide in 37 currencies and enjoy multiple payment methods of their choice. Therefore, RBF is the next logical innovation to harness this capability.
Lim Ming Wang, The Opal co-founder said, “With rising interest rates and the rising cost of funding, coupled with uncertainty in the global economy, businesses need more working capital solutions. flexible. Our ability to link a company’s transaction data to its eligibility for revenue-based financing means that more companies can now access a truly innovative working capital solution.
“Many companies are looking for new financing and payment options to enable more sustained long-term growth regionally and internationally. This partnership would allow these businesses to grow across borders without complications, furthering our mission to increase financial inclusion for businesses of all sizes and types,” said Brian Tsang, co-founder and COO of Choco Up.
With Opal’s expansion to offer integrated financing to third-party platforms, their integration of a bank into any app offering, businesses can now plug and play a full suite of cross-border money transfers, escrow, funding, lending, and multi-currency accounts to B2B marketplaces, third-party lenders, and SaaS companies. In this way, Opal aims to make business financing more accessible and transparent for its users.