Liberis provides £1million funding to UK SMEs through Sage Pay Business Finance
Sage Pay Business Finance - our collaborative product built with Sage (FTSE: SGE), the market leader in cloud business management solutions - today announced that it has reached a £1 million funding milestone!
Sage Pay Business Finance allows businesses to receive finance as an advance of their future credit and debit card sales, with advances ranging between £2,500 and £300,000. A result of the partnership between Liberis and Sage Pay, it has a 77% approval rating since its creation 14 months ago. It now provides vital finance to growing businesses, helping to support the wider UK economy.
The product has successfully advanced an average of £29,000 per business. Whilst eCommerce businesses have shown the greatest appetite for the service, it has also proven popular amongst business in the retail and hospitality sectors where there are seasonal fluctuations in income.
Liberis provides Sage Pay customers with all the smart technology of our Business Cash Advance service. This innovative funding solution is a UK-first, linking repayments directly to each business’ credit and debit card takings. Businesses then only repay when they receive payment from their customers.
James Whittingham, Commercial Director at Liberis, said: “Fourteen months on and we are thrilled to have reached our £1million funding milestone and to have supported many UK ecommerce businesses to reach their next stage of development in the digital space. Over the next few months, we hope to continue to support the growth of the UK business community by expanding our current capabilities and developing our funding options”.
Business owners can apply for Sage Pay Business Finance online and receive a decision on their application in as little as 24 hours.
By providing simple, flexible and transparent funding, Liberis is on a mission to help UK SMEs achieve their long-term ambitions. To date Liberis has successfully helped over 7,500 small businesses, advanced over £230m in funding and supported over 35,000 jobs in the UK, contributing to the wider UK economy. Liberis is also supported by British Business Investments – the commercial arm of the British Business Bank.
Seamus Smith, EVP of Global Payments and Banking, Sage, said: “The partnership with Liberis to provide Sage Pay Business Finance to our ecommerce customers has seen great growth and supported our customers to better manage their cashflow and invest in their businesses. With less than 40% of small businesses able to get funding from traditional banking channels in their first two years of operating, our strategy to bring alternative finance options to our customers that fits with their business model with simple and accessible methods, is truly bringing our money management vision to life and increasing access to finance for SMEs in the UK.”
Earlier this year, we announced a funding investment of £57.5million to support an estimated 100,000 jobs by 2020. The amount was secured in combined funding from British Business Investments, Paragon Bank, BCI Finance, and Blenheim Chalcot, the UK's leading digital venture builder, and demonstrates Liberis’ long-term aim in supporting UK small businesses through such partnerships.
Rob Straathof, CEO of Liberis, said: “Small businesses are an integral part of the UK economy, yet many still struggle to get much needed financial support from traditional providers. We are constantly looking to provide our customers with the right payment solution that works for their business at a time that is convenient for them and are looking forward to working more closely with Sage Pay to enable this”.