Liberis and Sage team up to offer SMEs £1m funding
Today (August 6), a collaborative product built by alternative finance provider, Liberis and Sage (FTSE: SGE), a cloud business management solutions company, has reached a £1m 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 £300k.
A result of the partnership between Liberis and Sage Pay, it has a 77 per cent approval rating since its creation just over a year ago. It now provides vital finance to growing businesses, helping to support the wider UK economy. The product has supposedly advanced an average of £29k per business.
James Whittingham, commercial director at Liberis, said: “Fourteen months on and we are thrilled to have reached our £1m 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.”
Liberis provides Sage Pay customers with all the smart technology of its 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. Business owners can apply for Sage Pay Business Finance online and receive a decision on their application within 24 hours.
By providing transparent funding, Liberis is aiming to help UK SMEs achieve long-term ambitions. To date, Liberis has successfully helped over 7,000 small businesses, advanced over £230m in funding and supported over 35,000 jobs in the UK.
Seamus Smith, EVP of Global Payments and Banking, Sage, added: “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 per cent 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.”
Earlier this year, Liberis announced a funding investment of £57.5m to support an estimated 100,000 jobs by 2020.