The new offering joins the buy, now pay later (BNPL) and retail finance solutions Payment Assist already offered for the U.K.’s automotive sector, the company said in a Thursday (June 13) blog post.
Payment Assist’s business lending division offers a variety of funding solutions to help automotive businesses invest in new tools, expand operations and manage cash flow, according to the post.
The solutions include business loans, merchant cash advances, invoice finance and business credit cards, with flexible options ranging from 1,000 pounds (about $1,360) to 10 million pounds (about $13.6 million), the post said.
The company aims to serve clients ranging from small independent businesses to multi-site organizations, per the post.
Payment Assist CEO Marcus Gregory said in the post that the business lending division is “a natural evolution of how we support the industry.”
“By offering broader finance solutions alongside our core BNPL platform, we’re making it easier than ever for our merchants to grow with confidence,” Gregory said, per the post.
The solution connects businesses with a network of U.K. lenders, according to the post.
Businesses can apply by entering how much they need, answering questions and linking their business bank account, per the post. The platform’s technology then compares quotes from lenders and displays offers tailored to the business.
“You stay in total control throughout the process, but we’re on hand to guide you through exploring your options to completing the application,” the post said.
Payment Assist’s partner in this offering, Groov, offers an embedded finance platform that gives vertical platforms the tools they need to offer tailored funding, Groov co-founder and CEO Mark Hazzard said in a Thursday post on LinkedIn.
“At Groov, we believe [small- to medium-sized business (SMB)] funding works best when it’s offered by platforms that deeply understand their customers,” Hazzard said in the post. “Payment Assist is doing exactly that — empowering garages, dealerships and service providers with fast, flexible access to capital right where business happens.”
The PYMNTS Intelligence report “Embedded Lending: From the Lender’s Perspective” found that 37% of SMBs are “highly interested” in switching to providers that offer embedded lending options.
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