What is factoring and why would I want it? What is Lyte Finance?
Factoring is a form of invoice financing where a company sells an invoice (or a part of it) to unlock working capital, and can either be notified (where your customer is made aware of the transaction), or non-notified (where the arrangement is kept private).
Who can apply for factoring? Are there any qualification criteria?
Any incorporated business can apply for factoring so long as the business passes our client due diligence checks.
What type of invoices can I factor? Can I factor any invoice?
We assess invoices on a case-by-case basis, so long as the goods or services have been delivered and accepted between buyer and seller. We do not factor invoices between related parties.
Must I factor the full sum of each invoice?
You only need to factor however much you need, subject to any limits Lyte Finance might impose.
Is Lyte Finance regulated?
Lyte Finance does not carry out any of the regulated activities set out in the Securities and Futures Act (Cap. 289) of Singapore. In addition, the activities contemplated to be carried out by Lyte Finance do not require a licence under the Moneylenders Act (Cap. 188) of Singapore. Lyte Finance is therefore not required to be licensed or registered with the Monetary Authority of Singapore.
Lyte Ventures respects, and is compliant with, all applicable laws. The company consults with regulators, and keeps up to date with government-issued guidelines, regulations, and legislation in all jurisdictions it operates in. After its enactment, Lyte Ventures will be licensed as a payment service provider under the Payment Services Act.
How do I access the platform?
Will third parties be notified of my request for factoring?
Unless otherwise informed, third parties (including your customers) will not be notified.
What documents do I need to provide? Are they securely stored and kept confidential?
Who will Lyte Finance collect payments from?
Fees are typically chargeable to the applicant.
How quickly do the funds get disbursed to me?
We work quick - upon approval, you may receive funds within 24 hours upon acceptance of your application.