Funding Circle announced the launch of FlexiPay
By Joy Dumasia
Funding Circle, the platform for small business loans, has launched its first payments facility, FlexiPay, as the next step in its mission to help solve more funding problems for small businesses. FlexiPay enables businesses to spread any UK invoice or supplier payment over three months, making the initial payment on their behalf. By empowering small businesses to buy now pay later on any expense anywhere, FlexiPay provides businesses with greater flexibility to negotiate with suppliers, deal with unexpected payments, buy equipment, and more.
Underpinned by powerful machine learning risk models and Instant Decision Lending technology, FlexiPay offers a new and unique solution whereby businesses can apply within minutes and approved customers can access between £2,000 and £30,000 almost immediately. Funding Circle accelerated its Instant Decision Lending roll-out, which now serves 50% of term loan customers. This market-leading functionality has reduced the application time to an average of six minutes and wait for a decision to just nine seconds.
FlexiPay is the latest addition to Funding Circle’s suite of products, opening up the booming UK small business payments market currently valued at more than £1 trillion. Previously, small businesses could only access short-term finance through more conventional routes, such as an overdraft, credit card or short-term loan.
Lisa Jacobs, Europe Managing Director of Funding Circle, said: “We are really excited to be using our market-leading technology to launch FlexiPay, which is designed to support small businesses to manage and control their cash flow. The new product enables businesses to buy now and pay later on any business spend in a way that suits them.”
Funding Circle is the platform for small business loans. Founded in 2010 and operating in the UK and US, its market-leading and unparalleled Instant Decision Lending technology enable small businesses to apply for finance in an average of six minutes, with lending decisions in just nine seconds.
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