Funding Circle : launches FlexiPay to revolutionise £1 trillion small business payments market

Funding Circle launches FlexiPay to revolutionise £1 trillion small business payments market

02 September 2021

• FlexiPay is the first payment product offered by Funding Circle, empowering small businesses to buy now and pay later

• The unique and innovative solution gives businesses the ability to control their own payments on any expense anywhere

• Powered by the platform's machine learning and market-leading technology, businesses can apply within minutes and access up to £30,000 almost immediately

Funding Circle, the leading 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, with the initial payment made upfront 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.

Last year, Funding Circle accelerated the roll-out of its Instant Decision Lending, 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.'

FlexiPay has launched in beta to a selection of Funding Circle's existing customers with interest-free repayments, and a transparent 3% flat fee on each transaction. All payments to suppliers are confidential and made in the businesses' name. New customers can join the waitlist and be next to access FlexiPay as it is rolled out more widely in the coming months.

FlexiPay customer feedback

Paul Teather, Director of P&W Waste Solutions said: 'I signed up to FlexiPay as I had a payment due to a supplier and it allowed me to buy extra supplies which I needed. FlexiPay is one of the best ideas for small businesses and I will definitely be using it on an ongoing basis and telling people about it. It is really clear how repayments work and how much I owe.'

Livity Shasha, Director of Intrit Facilities Management said:'FlexiPay is a brilliant idea which will help me bridge the gap between supplier payments and to negotiate better with my suppliers. The application was simple and easy. The repayment process and terms and conditions were very clear and I am confident with how the payments to suppliers work. I would definitely recommend the product.'

Carl Whetstone-Veitch, Director of Advanced Joinery said: 'I applied for FlexiPay because customers were paying me late which meant I was short on cash flow. I like the product as it helps me pay suppliers on time, keep a good reputation and manage cash flow. The application process was straightforward and it only took a few minutes to complete. I'd be happy to recommend FlexiPay to others.'

Funding Circle is also launching a waitlist for a business charge card to help small businesses manage their spending. Businesses can join this waitlist today to stay up-to-date on early access to the product. With 1% unlimited cash back and nothing to pay for 30 days, the new charge card will help solve more funding problems for small businesses.

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For more information:

Funding Circle: [e-mail]; [phone]

Notes to editors

Sources

*£1.3 trillion SME payments made annually in the UK. Funding Circle analysis using data from MarketFinance and Pay.UK, verified for our Annual Report, 2020

About Funding Circle

Funding Circle is the leading platform for small business loans. Founded in 2010 and operating in the UK and US, its market-leading and unparalleled Instant Decision Lending technology enables small businesses to apply for finance in an average of six minutes, with lending decisions in just nine seconds. A wide range of investors, including banks, asset management companies, insurance companies, government-backed entities, individuals and funds, are utilising this technology and distribution platform, and have lent more than £11.5 billion to approximately 100,000 businesses globally. This provides small businesses with the fast and simple access to finance they need to grow and power the economy.