Ebay to Launch Sales-Based SMB Loans in UK
Ebay is launching a small business working capital product in the UK, offering sales-based loans to 300k SMBS through YouLend.
The product, called “Capital for eBay Business Sellers,” offers loans repaid through a percentage of daily sales and a lump sum. A year after eBay first ventured into offering merchant payments services, the firm is joining the likes of PayPal, Shopify, and Amazon by offering a business loan product. Loans will vary in size based on sales volumes, from £500 to £1 million, or about $640- $1.3M.
“Capital for eBay Business Sellers is intended to help plug this gap, giving small businesses quick access to a range of financing options,” Murray Lambell, GM of eBay UK, said. “With 300,000 UK small businesses trading on eBay, this proposition will help them reinvest, protect jobs, and succeed, even as the government’s support schemes dry up.”
The application process will take five to ten minutes, the firm attests, landing funds that same day.
“Our focus is on giving leading e-commerce platforms, tech companies, and payment service providers the ability to offer their customers rapid funding through our technology platform,” CCO of YouLend Jakob Pethick said. “We’re delighted to partner with eBay UK to support their business sellers thrive and grow.”Last modified: May 13, 2021
Kevin Travers was a Reporter at deBanked.