- Choco Up, which is based in Singapore, has announced the launch of its new Choco Payment product and said that the new service will be backed by Stripe.
- Choco Payment will offer a wide variety of services to customers, including revenue-based financing, sophisticated risk management and merchant screening functionalities.
- “This partnership platform allows Choco Up to perform best-in-class risk management that troubles many payment processing solutions, such as client onboarding, managing payouts, handling refunds, and reducing chargebacks,” said a senior figure at Choco Up.
Choco Up, a provider of technology and financial services, has confirmed that it has launched a new product.
The firm, which is located in Singapore and provides revenue-based financing for small companies, said that it had launched Choco Payment for the cross-border payments sphere.
The new product has the underwriting capacities of the main Choco Up system and is also backed by Stripe, a well-known payment infrastructure service.
It is now possible for firms to use Choco Payment to receive revenue-based financing of a maximum of US$10m.
Businesses that can benefit from the new system include software-as-a-service firms and eCommerce companies.
This working capital is offered on a flexible basis and firms can reach it within 24 hours.
Brian Tsang, co-founder and chief operating officer of Choco Up, explained that the new arrangement would see his firm provide services such as risk management.
“This partnership platform allows Choco Up to perform best-in-class risk management that troubles many payment processing solutions, such as client onboarding, managing payouts, handling refunds, and reducing chargebacks,” he said.
“The rigorous merchant screening and verification processes will also enhance Choco Up’s current capabilities,” he said.
A senior figure at Stripe echoed the sentiments.
“Asia is leading the way in payments and financial infrastructure innovation. We are excited to work with companies like Choco Up who are redefining the future of finance, making funding more easily available for merchants in the region and helping them keep pace with digital transformation trends,” said Paul Harapin, head of Asia Pacific & Japan, Revenue & Growth at Stripe.
“The embedded financing solution from Choco Up will help remove barriers to growth that have stymied Asian digital merchants and open up new opportunities for them to scale their business faster,” he explained.
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