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Fynance Launches Its Pay Later Services for Supply Chain Financing
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June 28, 2022 News

 

Supply chain financing company Fynance has launched its Pay Later service that addresses the financing needs of SMEs, private companies and sole proprietors in Malaysia. Fynance is a recently launched supply chain financing company whose vision is to help small- to medium-sized businesses grow their company through an innovative way of providing cash flow.

Maintaining a healthy cash flow is one of the top challenges for small and growing businesses in Malaysia. Companies juggle cash from customers to pay for stock, employees and expenses. In many cases, money from profits is insufficient to reinvest and grow the businesses further while settling outstanding payments.

This vision behind Fynance was inspired by the experiences of Fynance Co-Founder Samuel Wong. During his time in the United States, Wong started several businesses there with the assistance of similar financing companies targeted at empowering businesses and other financial startups with improved cash flow sustainability.

When Wong moved back to Malaysia, he wanted to give businesses locally the same opportunities that were available to him in the US. He aimed to create something fast and efficient so that cash is readily available to businesses, allowing them to leverage business opportunities instead of turning them down due to cash flow limitations.

The benefits of Fynance Pay Later solutions may vary from business to business. For example, some businesses may require the liquidity to invest in more stock, whereas others may need the extra cash to invest in machinery to produce more efficiently.

To apply for the Pay Later financing, businesses simply need to sign up on our platform via our website fynance.io and upload some financial documentation and company details. The Fynance team will then determine how much of their invoices from suppliers we are willing to fund after we do our credit checks. Upon approval, businesses can then utilise the service to pay their suppliers and gradually settle their repayment with Fynance in flexible installments.

Fynance Pay Later also gives registered suppliers the option of selling us their receivables so they can have access to cash instantly.

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