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Lazada and Aspire partner to provide online merchants with immediate access to working capital during the COVID-19
THAILAND – LAZADA announces partnership with Fintech startup ASPIRE to provide online merchants with instant access to working capital during this COVID-19 pandemic.
Aspire is a digital platform providing financial solutions for small and medium businesses, including credit line applications. In this partnership with Lazada, Aspire is offering working capital loan of up to 20,000 THB within 3 hours of application – a departure from the weeks’ long industry standard timeline normally offered by traditional Banks.
Business owners can apply 100% online through Aspire’s website (www.aspireapp.com/th) with minimal paperwork. The sign-up process can be completed under 5 minutes, and approval is granted within 3 hours of application.
Upon credit approval, working capital can be drawn down immediately to the registered bank account. There are no obligations to draw the full amount, and Aspire will only charge on drawn funds.
The programme is open to new Lazada sellers who have opened their stores for a period as short as 3 months on the Lazada platform. This instant credit line application aims to help online merchants run business as usual in this “new normal”, enabling them to stay competitive in the marketplace.
In addition to lending, Aspire also helps their offline customers find new sources of income online by assisting them in onboarding on Lazada platform.
“Aspire is always on the lookout on how we can serve our customers better via technology with ease and greater speed of processing for Thai Market.
Aspire supports the growth of our partners during this trying time by adapting to provide flexibility to support underserved small and medium-sized sellers, especially those recently launched their business on the platform as a response to Covid-19.”
Thibaud Chommeloux, Co-Founder and General Manager of Aspire Thailand.
said Thibaud Chommeloux, Co-Founder and General Manager of Aspire Thailand.
Mr. Jack Zhang, Deputy CEO of Lazada Thailand, said, “Technology can be leveraged to unlock more growth opportunities and foster profitable businesses for financial institutions and small vendors. With this new credit line model that removes the tedious manual process of assessing and validating information.
With the partnership, we would like to encourage SME owners to apply for the working capital as it is our mission to make sure everyone can stay afloat during this difficult time and together with Aspire, we will make it easy to business anywhere.”
About Aspire Aspire is a leading SME-focused Fintech serving a new generation of digital-savvy businesses with a mobile-first digital business account across Thailand, Vietnam, Indonesia, and Singapore. Founded in January 2018 by former Lazada founders and executives, the company graduated from Y Combinator Winter 2018 batch and it is part of YC Continuity Growth program Winter 2020.
For more information, visit https://www.aspireapp.com
About Lazada Group Founded in 2012, Lazada Group is the leading eCommerce platform in Southeast Asia. We are accelerating progress in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam through commerce and technology. With the largest logistics and payments networks in the region, Lazada is a part of our consumers’ daily lives in the region and we aim to serve 300 million shoppers by 2030. Since 2016, Lazada has been the Southeast Asia flagship platform of Alibaba Group powered by its cutting-edge technology infrastructure.
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