Global payments company Elavon has partnered with Liberis, a global leader in providing integrated finance solutions, to provide finance to small and medium-sized businesses (SMEs) in the UK.
Thanks to this partnership, Elavon’s SME customers will be able to request the commercial cash advance from Liberis for personalized and practical financing based on their projected sales. Funding decisions can be made in as little as 24 hours at a cost of Â£ 2,500-300,000. Funding can be flexibly repaid at a preset rate and percentage of their monthly card transactions. This will allow agile and rapidly changing SMEs to grow and thrive.
Many small businesses have started to recover from the pandemic. According to Elavon’s July 2021 research with Opayo, 72% of UK small businesses saw their overall turnover increase, down from just 46% in April 2021.
Despite this progress, many SMEs have faced obstacles in obtaining the financing they need to grow. According to recent figures from the Federation of Small Businesses, up to 76% of small businesses also face rising operating costs such as utility bills and fuel costs, which can be major barriers to business. growth.
Rafal Golebiewski, Head of SMEs, Elavon Europe, says: âWhile most UK SMEs have seen their cash flow improve, many need funding to hire new staff, for renovations, to purchase new inventory or investments to develop their activities. Our corporate finance solution with Liberis is a fantastic value-added offering for clients who need it.
Liberis CEO Rob Straathof adds: âOur partnership with Elavon further strengthens our position in the global integrated corporate finance market. Our platform enables Elavon to integrate finance as a service into its ecosystem and provide small businesses with access to fair and flexible income financing with just a few clicks. Elavon has a large number of UK and global SMEs seeking financing outside of traditional bank lending, and we are well positioned to support their growth and ambitions.
The two companies have recently strengthened. Earlier this year, Elavon launched its award-winning Transaction Risk Analysis to help e-commerce businesses reduce payment friction and online cart abandonment while preventing fraud.
Liberis recently expanded to Denmark. The fintech company is now active in seven countries on two continents and has provided more than Â£ 500million in financing to more than 18,000 companies.
Opayo by Elavon, formerly Sage Pay, has successfully partnered with Liberis on its cash advance solution since 2018.