The finance platform Liberis has partnered with Barclaycard to offer their small business customers access to personalised revenue-based finance with the new Barclaycard Business Cash Advance solution.
The news follows Barclays’ £34 million investment in Liberis, agreed in the fourth quarter of 2021, which enabled the firm to continue developing its API-driven finance platform and continue its international expansion.
Cash Advance is designed to help small businesses by providing the funding needed to grow their businesses.
Rob Cameron, chief executive of Barclaycard Payments, said: “Small businesses underpin the UK economy and it’s critical that they have quick and easy access to the flexible finance products they need to support their growth,” Rob Cameron, chief executive of Barclaycard Payments.
“Having a bit of extra breathing room with repayments through Barclaycard Business Cash Advance will give many SMEs the confidence they need to invest in growing their business,” he added.
Functioning as an alternative finance product, Liberis’ role is to advance a sum of money to eligible merchants on the grounds that they pay the sum plus a pre-agreed fee. The solution offers customers fixed cost financing with flexible payment terms.
Rob Straathof, chief executive of Liberis, said: “We are very excited to launch our finance partnership with Barclaycard to provide personalised business finance to their small business customers.
“This investment is a testament to our leadership position in embedded business finance and shows how banks and FinTechs can create vital partnerships to help even more small businesses obtain the funding they need to grow."
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