Finance platform Choco Up raises $15M to increase expansion financing for Singaporean SMEs

In order to increase access to growth finance for Singapore’s small and medium-sized firms (SMEs), Choco Up, Asia’s top growth financing platform, has raised a $15 million credit facility from private credit investment firm AlteriQ Global. The first drawdown has already been finished.

The facility can provide expansion and working capital lending options to about 500 Singaporean SMEs, according to a statement released on Tuesday by Singapore-based Choco Up. According to Percy Hung, CEO and founder of Choco Up, financing applications from SMEs in Singapore rose by 85% year over year, with investments in AI and technology becoming more prevalent use cases.

Since its founding, Choco Up has given more than SGD100 million ($78 million) to regional companies in a variety of industries and phases of development.

According to Zhi Yong Heng, Managing Director of AlteriQ Global, SMEs are still among the most powerful forces behind innovation, employment, and economic activity. However, many of them still struggle to obtain funding that supports their expansion, and Choco Up has developed a solid platform with a thorough grasp of SME financing requirements.

The Singapore Business Federation’s National Business Survey indicates that while revenue growth, technology adoption, and international expansion continue to be important investment priorities, staff costs, consumer demand unpredictability, and rental costs continue to be the top concerns of businesses.