Payment service provider Mollie has announced that it is expanding into financial services by offering SME customers access to a new funding product.

Mollie Capital allows eligible customers to apply for cash advances of up to €250,000 depending on several factors, including their transaction history with Mollie.

In most cases, funds are made available on the same day as they are requested.

Repayments are automatically taken as a portion of daily sales and uses are charged a fixed one-off fee.

The company said it aims to remove some of the barriers that SMEs face in accessing loans to buy inventory and invest in expanding their business.

Mollie Capital will initially be offered to selected businesses in the Netherlands and Belgium. The company plans to expand into other markets later this year.

Commenting on the news, chief executive of Mollie Shane Happach said, “Mollie Capital is a milestone product launch for Mollie. It marks our first step towards becoming a financial services provider, whilst aligning with our goal to help small- and medium-sized merchants compete.”

He added: “With lengthy, cumbersome requirements to get financing, SMEs have been continually underserved by the big banks. Mollie Capital will ensure they can access fast, flexible and easy funding that they need to flourish.”

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