Choco Up, a leading growth financing platform in Asia, has announced a strategic partnership with AlteriQ Global, a private credit investment company, through a US$15m credit facility. This collaboration aims to expand access to growth capital for approximately 500 small and medium-sized enterprises (SMEs) in Singapore. The first drawdown of the facility has already been completed.
The announcement comes ahead of United Nations Micro, Small and Medium-sized Enterprises (MSME) Day on 27 June, highlighting the significance of SMEs in economic growth and innovation. Despite a cautious operating environment, many Singaporean SMEs continue to prioritise growth, focusing on revenue expansion, technology adoption, and overseas expansion. This trend is supported by Singapore’s ongoing efforts towards enterprise transformation and digitalisation.
Percy Hung, CEO and Founder of Choco Up, noted the resilience and ambition of Singapore SMEs, stating, “Financing applications from Singapore SMEs increased by 85% year-on-year, with AI and technology-related investments becoming increasingly common use cases.” This partnership is expected to bolster Choco Up’s ability to provide timely financing solutions, enabling entrepreneurs to seize opportunities with confidence.
Since its inception, Choco Up has disbursed over S$100m to local businesses, reflecting growing confidence in alternative financing models. Zhi Yong Heng, Managing Director of AlteriQ Global, expressed optimism about the partnership, emphasising the importance of aligning capital with SMEs’ growth journeys.
Together, AlteriQ Global and Choco Up aim to broaden access to capital, supporting SMEs in enhancing competitiveness and seizing new opportunities.
