Stripe has launched payment tools and financing options for small businesses in the UK. The global payment firm has promised users faster and cheaper payments with the new platform. Stripe aims to address the challenge of securing funds that businesses in the region face.
Dubbed Stripe Capital, the new offering enables businesses to access financing to invest in growth, for instance, acquiring new equipment, hiring, or improving customer experience. On the platform, Stripe uses a business transaction history to assess eligibility. For eligible businesses, funds arrive the next business day, and repayment occurs as the business earns.
John Collison, the Co-Founder of Stripe , mentioned: “UK businesses are inventing and building, but getting access to capital at the right time is a rate limiter on their growth. The payment tools and financing options we’re launching today will help money move around the economy faster and make it easier for businesses to invest when they see an opportunity to grow.” Stripe Capital isn’t just for individual businesses.
Later this year, platforms using Stripe Connect will reportedly be able to offer financing directly to their users. According to Stripe, this enables businesses to access growth capital and platforms to unlock a new revenue stream. UK businesses on Stripe will be the first to benefit from the new payment feature.
This includes Pay by Bank, a payment option that lets customers pay directly from their bank accounts. Stripe m.