Priya PatelTLDR:
- Worldpay and Liberis have signed a two-year partnership extension agreement to provide growth funding through Liberis’ business finance division to Worldpay’s small and medium business (SME) customer base.
- The partnership aims to close the growing funding gap faced by SMEs globally.
Worldpay from FIS and Liberis have extended their partnership for two more years to provide growth funding for small and medium businesses (SMEs). SMEs currently face a significant funding gap of $5.2tn compared to large businesses, according to the International Finance Corporation. The partnership aims to address this issue by offering personalised, revenue-based financing options through Liberis’ lending technology. Worldpay’s merchant clients will have access to instant pre-approved financing by integrating Liberis’ transactional data in the lending process. The partnership extension will also introduce a four-click application process for SMEs to receive up to $1m in funding from Worldpay through a single API integration with Liberis. Liberis has so far provided over $1bn in financing through more than 55,000 transactions across Europe, the US, and the UK. By combining their resources, Worldpay and Liberis hope to empower SMEs with the financial solutions they need to thrive in today’s competitive business landscape and close the SME funding gap.
