Small businesses support the UK economy So quick and easy access to the flexible financial products they need to support their growth is the need of the hour. To provide small business customers with access to tailored revenue-based financing, UK fintech Liberis has partnered with Barclaycard. The development comes on the back of Barclays’ £34.5million investment in the company last year.
The additional funds are expected to help Liberis further develop its integrated API-based finance platform, deliver new products and solutions to small businesses, and continue its international expansion. Currently, the company operates in the UK, USA, Ireland, Sweden, Finland, Denmark, Slovakia and the Czech Republic.
Founded in 2007, the integrated financing platform aims to provide small businesses with accessible and responsible financing. Its new Barclaycard Business Cash Advance is an alternative funding product where Liberis will advance a sum of money to eligible merchants on the grounds that they will repay the sum plus a pre-agreed fee.
The fintech previously raised £70m in funding in 2020. So far, the startup has provided £500m in funding to 16,000 SMEs in Europe, the US and the UK.
Rob Straathof, CEO of Liberis, said: “The launch of our financial partnership with Barclaycard to provide tailored trade finance to their small business customers shows how banks and fintechs can create vital partnerships to help even more small businesses get the financing they need to grow. ”
Rob Cameron, CEO of Barclaycard Payments, concluded: “Having a little more leeway with refunds through Barclaycard Business Cash Advance will give many SMEs the confidence they need to invest in growing their business.