Small businesses underpin the economy in the U.K. Thus, quick and easy access to flexible finance products that they need to support their growth is the need of the hour. To offer small business customers access to personalised revenue-based finance, UK-based fintech Liberis has entered into a partnership with Barclaycard. The development comes on the back of Barclays’ investment of £34.5 million in the company last year.
The extra funds are expected to help Liberis further develop its API-driven embedded finance platform and deliver new products and solutions for small businesses and continue its international expansion. Currently, the company operates in the U.K., the U.S., Ireland, Sweden, Finland, Denmark, Slovakia, and Czech Republic.
Founded in 2007, the embedded finance platform aims to provide small businesses with accessible and responsible finance. Its newly rolled out Barclaycard Business Cash Advance is an alternative finance product where Liberis will advance a sum of money to eligible merchants on the grounds that they will pay back the sum plus a pre-agreed fee.
The fintech had earlier raised £70 million in funding in 2020. Until now, the startup has provided £500 million in financing to 16,000 SMEs across Europe, the U.S and the U.K.
Rob Straathof, CEO of Liberis, said: “The launch of our finance partnership with Barclaycard to provide personalised business finance to their small business customers shows how banks and fintechs can create vital partnerships to help even more small businesses obtain the funding they need to grow”
Rob Cameron, CEO of Barclaycard Payments, concluded: “Having a bit of extra breathing room with repayments through Barclaycard Business Cash Advance will give many SMEs the confidence they need to invest in growing their business.”
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