International e-Commerce Business Accelerates Growth By Automating In-House Financing
- February 3, 2020
Headquarters
Singapore
Lending model
Invoice and PO financing
Employees
300+
Founded
2005
Purchased Product
TurnKey Lender Enterprise Solution
Background/Opportunity
Zilingo is a large-scale e-commerce company that operates mainly in Southeast Asia (including in Singapore, Indonesia, India, and Thailand). Last year, the company secured a funding round that enabled rapid development and expansion into new markets. This led the company to open new offices in Australia and the United States. Zilingo now employs more than 300 people around the globe, and continues to grow by more than 100 people each year.
To continue its growth and success, Zilingo continued exploring new monetization and service improvement opportunities. Management came to the conclusion that one of the best ways to meet both goals would be to offer in-house financing to its clients in both the B2C and P2P segments of the business.
The lending models Zilingo was looking to automate were invoice financing and PO (purchase order) financing. Zilingo staff was handling the entire lending process manually over email, resulting in extensive delays and human error. In order to approach lending automation the right way, Zilingo decided to launch a FinTech initiative within the company. Its goal was to tap into the new monetization opportunities and provide Zilingo’s clients with an overall better user experience. In-house financing enabled by TurnKey Lender’s automation helps us grow our business and
To continue its growth and success, Zilingo continued exploring new monetization and service improvement opportunities. Management came to the conclusion that one of the best ways to meet both goals would be to offer in-house financing to its clients in both the B2C and P2P segments of the business.
The lending models Zilingo was looking to automate were invoice financing and PO (purchase order) financing. Zilingo staff was handling the entire lending process manually over email, resulting in extensive delays and human error. In order to approach lending automation the right way, Zilingo decided to launch a FinTech initiative within the company. Its goal was to tap into the new monetization opportunities and provide Zilingo’s clients with an overall better user experience. In-house financing enabled by TurnKey Lender’s automation helps us grow our business and
Solution
Having researched the lending automation market, Zilingo chose TurnKey Lender as its provider of an end-to-end solution to power all of its lending needs. One of the decisive factors that convinced management to trust TurnKey Lender with their FinTech program was the fact that some of the most authoritative banks and investors in the region were already using the company’s solutions.
In addition, TurnKey Lender is accredited by IMDA, a statutory board in the Singapore government. This accreditation shows that the TurnKey Lender team is competent and fully devoted to improving the enterprise-level businesses of its clients, whether they are commercial or government organizations.
Zilingo’s requirements for a lending automation solution included:
1. Flexible infrastructure able to service all the company’s credit programs
2. Real-time, globally accessible cloud-based system
3. Reasonable price
4. System scalable enough to assist in rapid growth
5. Rapid deployment To address Zilingo’s needs in the best way possible, the two teams decided to use TurnKey Lender’s Enterprise solution. It’s a sophisticated, fully customizable system that can handle the complex requirements of a large organization while remaining easy to use and maintain.
In addition, TurnKey Lender is accredited by IMDA, a statutory board in the Singapore government. This accreditation shows that the TurnKey Lender team is competent and fully devoted to improving the enterprise-level businesses of its clients, whether they are commercial or government organizations.
Zilingo’s requirements for a lending automation solution included:
1. Flexible infrastructure able to service all the company’s credit programs
2. Real-time, globally accessible cloud-based system
3. Reasonable price
4. System scalable enough to assist in rapid growth
5. Rapid deployment To address Zilingo’s needs in the best way possible, the two teams decided to use TurnKey Lender’s Enterprise solution. It’s a sophisticated, fully customizable system that can handle the complex requirements of a large organization while remaining easy to use and maintain.
Results
The solution fully automated both B2C and P2P lending processes. As a result, the company eradicated human error, which had previously been pervasive and hard to find, identify, and fix. All lending-related data is collected and stored securely in the cloud, and in the future, it will be integrated with other solutions, such as data warehouses and accounting software.
Loan decisions for the B2C segment are now reduced to between one and three approval steps (five to eight steps for P2P) which helps ensure customers’ safety and a quick turnaround.
The solution TurnKey Lender delivered:
1. Is fully cloud-based
2. Analyzes loan applications on the fly to preapprove the right financing option
3. Streamlines business processes
4. Eliminates human error from the lending process
5. Improves operational efficiency thanks to intelligent automation
The vast majority of the functionality requested by Zilingo came built-in with TurnKey Lender Enterprise, so the implementation process was quick, efficient, and cost-effective. Deployment was divided into two phases, with phase one, which included deep customization of the solution to meet Zilingo’s needs, being successfully completed and implemented in just two months.
Loan decisions for the B2C segment are now reduced to between one and three approval steps (five to eight steps for P2P) which helps ensure customers’ safety and a quick turnaround.
The solution TurnKey Lender delivered:
1. Is fully cloud-based
2. Analyzes loan applications on the fly to preapprove the right financing option
3. Streamlines business processes
4. Eliminates human error from the lending process
5. Improves operational efficiency thanks to intelligent automation
The vast majority of the functionality requested by Zilingo came built-in with TurnKey Lender Enterprise, so the implementation process was quick, efficient, and cost-effective. Deployment was divided into two phases, with phase one, which included deep customization of the solution to meet Zilingo’s needs, being successfully completed and implemented in just two months.
Testimonial
The TurnKey Lender team provided Zilingo with an end-to-end lending solution that helps us automate origination, approval, servicing, repayment, and more. Thanks to its cloud-based nature, our employees and clients around the globe can access the system at any time. In TurnKey Lender, we’ve found a reliable partner. We know that whenever there’s a challenge, we can work out the optimal solution together.
Wangwei Zheng
Credit Manager at Zilingo
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