eBay and LendingPoint partner to provide seller financing to entrepreneurs & businesses
By Pavithra R
eBay has announced that the company is partnering with LendingPoint, a leading data and technology platform dedicated to democratizing credit and accelerating commerce, to roll out a new program that will give eBay sellers in the United States access to funding to help grow and sustain their businesses.
The new eBay Seller Capital powered by LendingPoint is compatible with payments managed by eBay and is expecting to unlock opportunities for individuals and businesses to obtain financing, providing eligible sellers with a transparent funding experience. eBay sellers who work with LendingPoint in the pilot program can obtain quick decisions and access to installment loans. LendingPoint will not charge origination fees or early payback fees.
“We’re committed to empowering entrepreneurs to make their dreams a reality, and we are continuing to partner with our sellers to provide them with the tools they need to thrive. We’re excited to make flexible financing options available that are integrated with our new payments experience. The program with LendingPoint will enable critical funding opportunities for eBay sellers, especially during this time of economic uncertainty,” said Alyssa Cutright, Vice President of Global Payments at eBay.
eBay Seller Capital powered by LendingPoint is currently being rolled out as a pilot program with selected sellers. The company is planning to make the program available to all eligible sellers in the U.S. later this year. The program will be offered with flexible terms of up to 48 months to allow sellers to choose the apt option for their specific budget needs, and lower repayment plans as part of the longer terms. In the future, both eBay and LendingPoint are aiming to expand their offering to provide eBay sellers with additional tools to help run their businesses.
“LendingPoint’s purpose is to accelerate and democratize commerce. We are thrilled to be able to use the data and technology we have built into our platform to help eBay sellers achieve their dreams. eBay sellers are some of the world’s most dynamic e-commerce players and our Loan Operating System will help them access the financial tools they need to achieve even greater success with their businesses,” said Tom Burnside, CEO and Co-Founder of LendingPoint.
Recently, LendingPoint launched Lending Operating System, SDKn.
Founded in 2014, LendingPoint is a leading FinTech balance sheet lender empowering consumers to build financial momentum. According to company data, its platform has originated more than $2 B over the past four years while expanding to e-commerce and point of sale loan originations and serving all credit profiles.
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