£12.5m accessed by businesses through PayPoint – YouLend partnership
Handepay, PayPoint Group, and their partner YouLend, an embedded finance platform, today announce that the partnership has supported over 750 fundings to businesses over the last year worth more £12.5m.
The funding, which is open to any business which meets the criteria, is designed to free up funds enabling them to focus on growth, buy stock or simply assist with cashflow. This has proved incredibly popular amid the UK’s difficult economic conditions through raising interest rates and tightening credit conditions.
Instead of paying a fixed monthly repayment, a small percentage of every card transaction is used to repay the funding, giving businesses peace of mind that repayments will be proportional to their income from card sales.
Mark Latham, managing director, Card Services, PayPoint, said: “As lending conditions have become tougher recently, our business finance product is very much open for business, with YouLend’s rates mostly unchanged since this time last year. As a result, we are seeing even more businesses using the facility for a wide range of purposes such as buying new stock, refurbishing the premises, boosting cash flow, or even expanding their business with new equipment and new locations.”
Tom Longhurst, head of strategic partnerships, YouLend, said: “Our partnership with PayPoint and Handepay has enabled us to widen access to much-needed, fast, flexible, and affordable capital for UK businesses. Our aim is to continue to support eligible businesses with the financing required to grow and thrive.”