Funding Circle launches FlexiPay to revolutionise £1 trillion small business payments market

Funding Circle, the leading platform for small business loans, has launched its first payments facility, FlexiPay, as the next step in its mission to help solve more funding problems for small businesses.

• FlexiPay is the first payment product offered by Funding Circle, empowering small businesses to buy now and pay later

• The unique and innovative solution gives businesses the ability to control their own payments on any expense anywhere

• Powered by the platform’s machine learning and market-leading technology, businesses can apply within minutes and access up to £30,000 almost immediately

Funding Circle, the leading platform for small business loans, has launched its first payments facility, FlexiPay, as the next step in its mission to help solve more funding problems for small businesses. 

FlexiPay enables businesses to spread any UK invoice or supplier payment over three months, with the initial payment made upfront on their behalf. By empowering small businesses to buy now pay later on any expense anywhere, FlexiPay provides businesses with greater flexibility to negotiate with suppliers, deal with unexpected payments, buy equipment, and more. 

Underpinned by powerful machine learning risk models and Instant Decision Lending technology, FlexiPay offers a new and unique solution whereby businesses can apply within minutes and approved customers can access a credit facility of between £2,000 and £30,000 almost immediately, which can be used to make payments to suppliers from £100. 

Last year, Funding Circle accelerated the roll-out of its Instant Decision Lending, which now serves 50% of term loan customers. This market-leading functionality has reduced the application time to an average of six minutes and wait for a decision to just nine seconds.

FlexiPay is the latest addition to Funding Circle’s suite of products, opening up the booming UK small business payments market currently valued at more than £1 trillion.* Previously, small businesses could only access short-term finance through more conventional routes, such as an overdraft, credit card or short-term loan.  

Lisa Jacobs, Europe Managing Director of Funding Circle, said: “We are really excited to be using our market-leading technology to launch FlexiPay, which is designed to support small businesses to manage and control their cash flow. The new product enables businesses to buy now and pay later on any business spend in a way that suits them.”

FlexiPay has launched in beta to a selection of Funding Circle’s existing customers with interest-free repayments, and a transparent 3% flat fee on each transaction. All payments to suppliers are confidential and made in the businesses’ name. New customers can join the waitlist and be next to access FlexiPay as it is rolled out more widely in the coming months.