To launch the new credit product, the company has collaborated with Finaxar, which will support the fintech offering its services to Lazada sellers in Singapore. Plans to expand the arrangement to cover other parts of Southeast Asia in the future already exist.
The service is priced at 0.7-1.5% every 30 days and at a rate that is pro-rated. All fees are shown transparently in the service in order to avoid the unwanted surprise of hidden add-ons, according to Finaxar. The credit line makes it possible for companies to access additional cash when needed and also pay parts back when significant payment volumes come in, without the commitment of more formalised lending, according to the founders of Finaxar.
The financial assessment comes by way of a one-click integration with Lazada seller dashboard, according to TechCrunch. By clicking it, the merchants are sent to Finaxar, where they are asked to provide information. A credit assessment is delivered in under five minutes.
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