16 November ‘23, Singapore – Choco Up, Asia’s largest revenue-based financing and growth platform, partners with Bueno and Allianz Trade in Asia Pacific to introduce an innovative product offering a digital, automated Buy-Now-Pay-Later (BNPL) solution for B2B e-commerce (and traditional) sellers.
For any business, cash flow is always an issue. According to a U.S. Bank study, a whopping 82% of businesses that failed cited cash flow problems as a factor in their failure. In APAC, the working capital gap is currently estimated to be at $20B USD. This partnership aims to tackle this problem and supercharge the $121B USD e-commerce industry.
“We are thrilled to partner with Choco Up and Allianz Trade – both parties are industry leaders in their respective fields. Together, we will help businesses overcome their cash flow challenges and provide them with the tools they need to manage their finances more flexibly and conveniently,” says Iman Aqas, Bueno Co-Founder and CEO
“As part of our growth strategy, we are committed to supporting the rapidly growing B2B e-commerce space. It is with great pride that we embark on this partnership,” says Thomas Guyader, Regional Head of Digital Transformation at Allianz Trade in Asia Pacific. “This new product has tremendous potential as global trade continues to evolve. With BNPL payments becoming a must-have for e-merchants, our solution will plug the working capital gap and help them attract more customers from different markets and grow their businesses.”
In this partnership, Choco Up provides the funds for Bueno’s BNPL platform to help e-commerce buyers get up to 60 days of payment terms while Allianz Trade underwrites the process. This unique offering in Southeast Asia is a win-win for the industry in allowing buyers to increase their inventory with favorable credit terms at no extra fee (versus a 3.5 to 7% bank loan in Singapore), While sellers get to see their sales pick up by offering credit terms to their customers with zero risk.
Choco Up has succeeded with the BNPL model, having worked with a Hong Kong-based wholesale retailer, facilitating more than 3,500 transactions and close to $2M USD in financing to date. This innovative BNPL model with Allianz Trade and Bueno is a creative way of embedding insurance for the capital issued. It allows for the automated disbursement of funding for B2B e-commerce transactions, approved within 30 seconds.
The global B2B e-commerce market is already six times larger than that of B2C. In APAC, it is projected to grow at a compound annual growth rate (CAGR) of 22% until 2030. With Choco Up, Bueno, and Allianz Trade all bullish on this industry, this partnership will bring the projected growth closer to reality and bridge the funding gap affecting ASEAN SMEs.
“With faster and more secure access to capital, the future of e-commerce has never been brighter,” says Percy Hung, CEO and Co-founder of Choco Up. “Our partnership today will now unlock the growth potential of thousands of businesses to expand their operations – even operate across borders and bring us closer to our vision of helping a million asset-light businesses grow.”
About Choco Up
Choco Up is a global technology and financial services platform that offers revenue-based financing and growth solutions for e-commerce brands. With data analytics and machine learning at its core, Choco Up employs vast integrations to automate fund deployment, providing fast-growing companies with zero-equity funding in a quick and seamless manner. Choco Up has offices in Singapore and Hong Kong and serves e-commerce businesses worldwide, providing smart-growth analytics and global payment solutions to fuel their growth. Learn more at choco-up.com.
Bueno.money is a platform that offers embedded invoice financing for B2B e-commerce, enabling businesses to finance their invoices in under 30 seconds, instead of 3 days. Bueno integrates directly on the seller’s website or with regular invoicing processes, providing a seamless experience for B2B trade. For more information, please visit https://bueno.money/
About Allianz Trade
Allianz Trade is the global leader in trade credit insurance and a recognized specialist in the areas of surety, collections, structured trade credit, and political risk. Our proprietary intelligence network analyses daily changes in +80 million corporates’ solvency. We give companies the confidence to trade by securing their payments. We compensate your company in the event of bad debt, but more importantly, we help you avoid bad debt in the first place. Whenever we provide trade credit insurance or other finance solutions, our priority is predictive protection. But, when the unexpected arrives, our AA credit rating means we have the resources, backed by Allianz, to provide compensation to maintain your business. Headquartered in Paris, Allianz Trade is present in 52 countries with 5,500 employees. In 2022, our consolidated turnover was EUR3.3 billion, and insured global business transactions represented EUR1,057 billion in exposure. For more information, please visit allianz-trade.com