29 August 2015

PayPal brings small biz working capital programme to UK

23 July 2014  |  5523 views  |  1 PayPal logo

PayPal is bringing its working capital programme for small business customers to the UK, offering firms cash advances against future sales.

Available to select PayPal business customers - including eBay sellers - this autumn ahead of a wider rollout, the service is designed to attract small firms still struggling to get access to cash from more traditional lenders.

PayPal uses firms' sales history and a quick online application form to make funding decision in minutes. Users hand over a single fixed fee and then repay the loan with a share of their PayPal sales, meaning that there are no minimum monthly payments.

Since launching in the US in September, the working capital programme has seen PayPal hand over $140 million to small- and medium-sized businesses, with 90% of participants saying that would recommend it to other firms.

Cameron McLean, MD, PayPal UK, says: "Small businesses are the lifeblood of the British economy. But seven years after the start of the credit crunch, many of them are still struggling to get funding.

"PayPal is well placed to make a difference. We've been helping businesses thrive online for almost 15 years. And our close relationship with our business customers means we can approve a cash advance and provide the money in minutes."

Comments: (1)

Marite Ferrero - WWW.WEMBIX.COM - London | 23 July, 2014, 10:53

Sounds like Paypal is liking the business model of KLARNA.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

17 July, 2014
28 May, 2014
21 March, 2014
19 March, 2014
03 February, 2014
30 October, 2013
25 September, 2013

Related company news

 


Top topics

Most viewed Most shared
Android Pay could launch this week
6377 views comments | 26 tweets | 22 linkedin
FIS opens Indian financial inclusion lab
5856 views comments | 14 tweets | 2 linkedin
SunGard system glitch causes havoc for BNY...
5828 views comments | 13 tweets | 12 linkedin
Kenya's NIC Bank links to Twitter and What...
5382 views comments | 27 tweets | 14 linkedin
Wirecard bids for Worldpay - Bloomberg
4851 views comments | 10 tweets | 7 linkedin

Featured job

to £90K base, double OTE, share options
London, UK

Find your next job