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Choco Up has secured a US$15 million credit facility from private credit firm AlteriQ Global to expand financing for Singapore SMEs.
The first drawdown has been completed. The facility is expected to provide growth and working capital financing to about 500 Singapore businesses.
Choco Up recorded an 85% year-on-year increase in financing applications from Singapore SMEs, with artificial intelligence (AI) and technology-related investments becoming more common funding use cases.
Percy Hung
Founder and CEO Percy Hung said,
“This partnership strengthens our ability to support entrepreneurs with financing solutions that help them act on opportunities with greater confidence and speed.
It also reinforces our commitment to supporting the next phase of growth for Singapore’s SME community.”
The company has disbursed more than S$100 million to Singapore businesses since entering the market.
Zhi Yong Heng
AlteriQ Global Managing Director Zhi Yong Heng said,
“SMEs remain one of the strongest drivers of innovation, employment, and economic activity, yet many continue to face challenges accessing capital that aligns with their growth journey.
We believe Choco Up has built a strong platform with a clear understanding of SME financing needs.”
Featured image: Edited by Fintech News Singapore, based on image by noob via Magnific
