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Funding Circle, an online lender for SMEs, has launched a buy now, pay later (BNPL) payments product thus expanding its set of Fintech services. In a release, Funding Circle announced FlexiPay in a move to “revolutionize” the £1 trillion payments market.
Funding Circle says that small businesses can apply within minutes and access up to £30,000 almost immediately in an AI/ML enhanced service. FlexiPay is said to be the “next step” in the company’s mission to help small businesses.
Funding Circle says that last year it accelerated the roll-out of its Instant Decision Lending, which now serves 50% of term loan customers. This feature has reduced the application time to an average of six minutes and wait for a decision to just nine seconds.
Lisa Jacobs, Europe Managing Director of Funding Circle, commented on the new service:
“We are really excited to be using our market-leading technology to launch FlexiPay, which is designed to support small businesses to manage and control their cash flow. The new product enables businesses to buy now and pay later on any business spend in a way that suits them.”
FlexiPay is currently in beta and available to certain existing customers. Funding Circle charges a flat 3% fee on each transaction.
Funding Circle states that all payments to suppliers are confidential and made in the businesses’ name.
BNPL has emerged as a hot sector of Fintech with many merchants seeking to offer a credit service that is an alternative to expensive credit cards. While some are using providers like Funding Circle, others are incorporating bespoke offerings.
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