Partnership supports Elavon’s UK SME customers with personalised, convenient funding
LONDON 7th December 2021 – Global payments company, Elavon, has partnered with Liberis, a global leader in providing embedded finance solutions, to offer funding for Small-to-Medium-sized enterprises (SME) in the UK.
Through the partnership, Elavon’s SME customers will be able to apply for Liberis’ business cash advance for personalised and convenient financing based on their projected sales. Funding decisions can be made in as little as 24 hours for £2500 to £300,000. The financing can be paid back flexibly at a pre-agreed pace and percentage of their monthly card transactions. This will allow fast-moving and nimble SMEs to grow and scale.
Many small businesses have begun to recover in the wake of the pandemic. According to Elavon’s July 2021 research with Opayo, 72% of UK small businesses have seen a rise in overall revenue compared to just 46% in April 2021.
Despite this progress, many SMEs have faced hurdles to secure the financing they need to grow. According to recent figures by the Federation of Small Businesses, as many as 76% of small businesses are also facing rising operating costs such as utility bills and fuel costs which can be major barriers to growth.
Rafal Golebiewski, Head of SME, Elavon Europe says: “While most UK SMEs have seen their cash flow improve, many require financing to hire new staff, for refurbishment, purchasing new stock or investment to expand their business. Our business financing solution with Liberis is a fantastic added-value offering for customers that need it.”
Liberis CEO, Rob Straathof adds: ““Our partnership with Elavon further strengthens our position in the global embedded business finance market. Our platform enables Elavon to integrate Finance as a Service into their ecosystem and offer Small Businesses access to fair and flexible revenue finance through a few clicks. Elavon has a large number of UK and Global SMEs who are looking for funding outside traditional bank loans, and we are well-positioned to support their growth and ambitions.”
Both companies have recently gone from strength to strength. Earlier this year, Elavon launched its award-winning Transaction Risk Analysis to help eCommerce businesses reduce payment friction and online cart abandonment while preventing fraud.
Liberis recently expanded to Denmark. The fintech company is now active in seven countries across two continents and has provided over £500m in funding to more than 18,000 businesses.
Opayo by Elavon, formerly Sage Pay, has successfully partnered with Liberis on its cash advance solution since 2018.