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Stripe launches new payments and financing tools in the UK

By Gloria Methri

May 27, 2024

  • business financing
  • Europe
  • FinTech
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Stripe, Stripe Capital, Business Financing, Open Banking Payments, FinTech, UKStripe has launched new payment tools and financing options in the UK to help accelerate the growth of thousands of UK businesses. The new product features include business financing through Stripe Capital, lower-cost Open Banking-powered payments, and faster payouts.

“UK businesses are inventing and building, but getting access to capital at the right time is a rate limiter on their growth. The payment tools and financing options we’re launching today will help money move around the economy faster and make it easier for businesses to invest when they see an opportunity to grow,” said John Collison, cofounder of Stripe.

The UK is Stripe’s second-largest market, and its growth is accelerating. Around 600 UK businesses join the Stripe network every day, a significant increase even from pandemic highs, when swathes of companies were forced to move online to survive.

Stripe’s UK users include disruptive innovators like Monzo and Octopus Energy and over half of the UK’s top AI startups, as well as established companies such as ITV, River Island, Nando’s, and Hargreaves Lansdown.

Only 50% of bank loan applications by UK small businesses were successful last year, down from 80% in 2018. Without the funds to invest in new products or modernize their processes, many small firms are forced to rein in their aspirations.

With the launch of Stripe Capital in the UK, small businesses can access flexible financing to invest in their expansion—whether that’s buying new equipment, growing their staff, or upgrading their customer experience. Stripe Capital uses a company’s transaction and business history to qualify businesses for financing proactively. Funds hit approved accounts the next business day, and businesses repay the amount as they earn.

Stripe Capital is now available to UK businesses that run directly on the platform. Later this year, UK marketplaces and platforms that use Stripe Connect will also be able to offer financing to their users through Capital.

UK businesses on the platform will be the first to access new payment methods and capabilities built on the UK’s pioneering payment infrastructure.

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