SmartLend, a fully digital alternative financing platform, has launched in Singapore, offering small and medium-sized enterprises (SMEs) a streamlined way to secure funding. By eliminating third-party brokers and unnecessary costs, SmartLend simplifies the financing process, allowing businesses to compare and obtain loans efficiently without hidden fees. This innovation addresses the challenges SMEs face with traditional banks’ stringent credit requirements and complex application procedures.
The platform integrates with Singpass and Credit Bureau Singapore (CBS), enabling real-time financial data retrieval and significantly reducing application time. What once took days of paperwork can now be completed in minutes. By connecting SMEs directly with a network of trusted lenders, SmartLend ensures a transparent and cost-effective borrowing experience, benefiting both businesses and lenders.
Unlike traditional loan aggregators, SmartLend’s intelligent matching engine prioritises the most cost-effective bank financing first, only recommending alternative lenders when necessary. This ensures businesses receive the best possible financing terms. Danny Phua, CEO of SmartLend, highlighted that the platform builds upon the success of Smart Towkay, which has helped over 5,000 SMEs secure more than $73 million (S$100 million) in funding.
SmartLend is also expanding its offerings to include property equity term loans, allowing SMEs to unlock capital using their assets. Future features will include an instant property valuation tool and a document vault for managing loans across multiple lenders. Phua emphasised the platform’s goal to empower SMEs by providing full control over their financing journey without unnecessary delays or consultancy costs.
With its innovative approach, SmartLend aims to transform how businesses in Singapore access funding, making alternative financing more transparent, accessible, and cost-effective.
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