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Funding Circle launches BNPL product for business loans

Funding Circle launches BNPL product for business loans

Small business lender Funding Circle has launched its first payment facility, FlexiPay, empowering customers with the ability to buy now pay later on any expense.

FlexiPay enables businesses to spread any UK invoice or supplier payment over three months, with the initial payment made upfront on their behalf.

Launched in Beta and using the firm's instant decision lending technology, businesses can apply within minutes and approved customers can access between £2,000 and £30,000 almost immediately.

Alongside FlexiPay, Funding Circle is also opening a waitlist for firms interested in early access to a business charge card, with one per cent unlimited cashback and nothing to pay for 30 days to help manage their spending.

The new products come after a torrid time for the firm, which in March last year was forced to lay off 125 staff and scale back its European operations after booking a £34.3m writedown related to its Dutch and German divisions.

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