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Opal and Choco Up Partner to offer Revenue Based Financing to Businesses

Opal, a major payment institution (MPI) licensed by the Monetary Authority of Singapore (MAS) has teamed up with growth financing partner Choco Up, a revenue-based financing platform in Asia. Together, they will offer a range of financing and growth solutions to e-commerce and digital companies, the most unique of which, is revenue-based financing (RBF).

Choco Up provides companies of all sizes with flexible, zero-equity funding to accelerate their growth. Its proprietary fintech platform allows for a seamless, automated funding process that enables clients to quickly onboard Choco Up’s platform by directly integrating their companies’ data via Opal’s APIs. Choco Up’s smart-growth analytics solution also enables companies to review all their business performance data in one place, helping them identify pain points, optimise their businesses, and stay on top of the competition.

RBF is unique in the region as merchants only repay by sharing a small proportion of their monthly revenue during repayment. With RBF merchants no longer need to worry about overdue payments due to unstable cash flows. Businesses can repay more when they grow faster, and preserve cashflow when they grow slower. This option is ideal if merchants need growth capital to unlock market opportunities and expand their business. Furthermore, funds can be disbursed in as fast as 48 hours.

Under this strategic partnership, any business with a Global Digital Business Account with Opal receiving payments into the account is more likely to qualify for RBF, and at more competitive terms. This is because Opal’s Global Digital Business Account enables businesses to get paid globally in 37 currencies and enjoy multiple settlement methods of their choice. Hence, RBF is the next logical piece of innovation to tap on that capability.

Lim Ming Wang, co-founder of Opal said, “With rising interest rates and the increasing cost of financing, coupled with the uncertainty of the global economy, businesses need more flexible working capital solutions. Our ability to connect data from a business’ transactions to their eligibility for revenue-based financing, means that more businesses can now access a truly innovative working capital solution.”

“Many companies are in search of new funding and payments options to enable more sustained long-term growth regionally and internationally. This partnership would empower these businesses to scale across borders without complications, furthering our mission to increase financial inclusion for companies of all sizes and types,” said Brian Tsang, co-founder and COO of Choco Up.

With Opal expanding to offer embedded finance to third-party platforms, their embed a bank into any app offering, businesses can now plug-and-play a comprehensive suite of cross-border money transfer, escrow, financing, loans and multi-currency accounts to B2B marketplaces, third-party lenders, and SaaS businesses. This way, Opal aims to make business financing more accessible and transparent to its users.


  • Polly is a journalist, content creator and general opinion holder from North Wales. She has written for a number of publications, usually hovering around the topics of fintech, tech, lifestyle and body positivity.

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