Foodhub responds to cost of living crisis with embedded finance leader YouLend

Tech company Foodhub has announced a new partnership with embedded finance leader, YouLend, to support partner restaurants and takeaways through the cost of living crisis.

Responding to the problems of inflation, supply-chain issues and workforce challenges, London-headquartered company Foodhub is now offering partner restaurants and takeaways additional support through embedded finance and the use of new technology

YouLend aims to provide innovative financial solutions through the use of new technology and data sources to enable platforms like Foodhub to provide fast, flexible and competitive financing to businesses struggling with cash flow, with a particular emphasis on small and medium-sized businesses which are more likely to have been turned down by banks.

Foodhub CEO Ardian Mula says that he was inspired to launch the partnership as part of the firm’s ongoing commitment to its partners and a desire to provide innovative solutions to combat the cost of living crisis.

He added: “Times are tough for many businesses, with the cost-of-living crisis causing widespread problems, but we want our takeaway and restaurant partners to know that we are here for them…

“…We’re positive that this ethical financial support will help a number of our partners navigate these choppy financial waters – allowing them to come out stronger than ever on the other side.”

Kasper Larsen, co-CEO at YouLend, said: “We are delighted to be partnering with Foodhub and eager to start supporting the company’s partners. Inflation is putting everyone under pressure, but it is hitting SMEs in particular from multiple angles, as their supply costs are rising faster than their sales.

“On top of that, SMEs are facing exclusion from traditional finance providers because of outdated approaches to risk assessment. We’re here to help, offering financial solutions that will help Foodhub’s partners in the short and long term.”

Foodhub’s partnership with YouLend comes just after the launch of a new company initiative called Love Local, which will see restaurants and takeaways providing free meals to local charities.

The scheme pledges that once a takeaway/restaurant receives a certain number of orders via the ordering platform, Foodhub will pay for a hot meal from one of its restaurant or takeaway partners and donate it to a chosen charity within the local community.