Singapore, 30 March 2022 – Choco Up, Asia’s leading revenue-based financing and growth platform, announces today a strategic partnership with B2B wholesale marketplace Peeba. Through the partnership, Choco Up will provide a US$10 million funding facility to enable the “Sell First, Pay Later” payment option for retailers on Peeba’s platform. Through this partnership, both companies are better able to deliver on their mission to fuel Asian businesses’ growth.
A major obstacle to growth for Asian retailers is that they often face a cash crunch, as they typically pay for inventories upfront before making a sale. In many cases, retailers find themselves unable to invest in other areas of their business operations, let alone growth opportunities. Complex application procedures, collateral requirements, and long turnaround times also put many businesses’ conventional financing options out of reach.
Peeba’s data-driven online platform digitises the discovery process, automates negotiations for client management, and streamlines logistics, all improving operational and financial efficiency. Choco Up’s funding facility will provide vital support to the “Sell First, Pay Later” payment model on Peeba’s platform. Through cutting-edge credit assessments, favourable payment terms can be made available to eligible retailers, while minimising manual approval procedures. The partnership also supports the “Net-60” payment term where retailers can pay 60 days after placing an order on Peeba’s platform. Unsold goods can also be returned within this period, allowing retailers to A/B test their product mix with minimal inventory risk. Alternatively, retailers can pay interest-free without additional charges.
This collaboration represents a pivotal point in Peeba’s mission to reinvent the B2B wholesale and retail industry, as well as Choco Up’s ongoing commitment to expanding access to credit for businesses, as the “Sell First, Pay Later” option enables Peeba retailers to allocate their cash to optimising and growing their business.
Choco Up’s fintech products and services will also be integrated onto the Peeba platform as part of its strategic partnership to help B2B businesses scale. Seamless data integration between Peeba and Choco Up would enable retailers and wholesalers to identify growth opportunities & business pain points. The partnership would also bring a wide array of turnkey payment solutions to Peeba, providing dependable payment infrastructure for international buyers and sellers on the platform.
“We are thrilled to partner with Peeba, a like-minded firm that, like us, are changemakers in their space. Through their extensive network across Asia, we will be able to provide retailers and wholesalers with powerful tools to help them overcome the many challenges of expanding internationally. This also enables us to finance tens of thousands of businesses, advancing our mission of financial inclusion for emerging and developed markets,” said Brian Tsang, Co-founder and COO of Choco Up.
“We’re excited to partner with Choco Up, who are a pivotal partner in the mission to help Asian businesses grow quickly and with confidence,” said Jacky Lai, Co-founder and CEO of Peeba. “With the “Sell First, Pay Later” model, everyone wins. We provide wholesalers with access to exciting new sales channels and markets, and we help retailers discover unique brands while reducing their inventory risk and optimising their cash flow.”
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