Meta’s Invoice Factoring Business Paused Indefinitely
Meta has apparently exited the small business financing space in the US after a short stint. Meta’s original invoice factoring business, which debuted in 2021 as Facebook Invoice Fast Track, updated its landing page to say that the program has been “paused indefinitely.” Meta offered a pretty sweet deal, only a fee of 1% of the A/R. The condition was that it was only open to minorities, females, veterans, LGBTQ+ or someone with a certified disability. Meta sunset the program in March 2023 but did not elaborate as to why.
Facebook’s Small Business Loan Resource center has also been removed. At the time of its launch in 2021, it had partnered up with Connect2Capital.
The abandoned efforts were not exactly unchartered territory for Meta. In India, the company brokers business loans that carry interest rates from 16%-23%. When it launched this in 2021, it was suggested that this would expand to more countries when it said “India was the first country in which we launched this initiative.”Last modified: October 11, 2023