Creating new products to help solve more funding problems for small businesses

We’re constantly innovating and developing our technology to deliver easy, fast and flexible funding solutions to small businesses. Our new short-term finance product, FlexiPay, and embedded finance solution are part of our strategic shift towards a multi-product, multi-channel proposition. As the next stage of the FlexiPay roll-out in the UK, we’re also developing a business charge card, to help businesses settle monthly payments and meet daily expenditure needs.

Our ambition is to offer a broader set of products that cater to different frequencies of use and different depths of interaction and experience. We see a future whereby we’re able to be a more meaningful part of our customers’ lives – supporting them daily, weekly and monthly as they borrow, pay and spend.

New products and capabilities diagram

Small businesses require more flexibility than ever before. Increasingly, they need to transact at much shorter notice and engage with lenders on a just-in-time basis. They also need to manage and control their cash flow and adapt to changing and challenging circumstances – as seen during the pandemic, which created a wave of purchases, investments and capital deployments among SMEs. 

FlexiPay, the first short-term finance product offered by Funding Circle in the UK, is designed to meet these evolving needs.It is a unique and innovative solution that empowers small businesses to control their own payments on any expense, anywhere.

FlexiPay enables businesses to spread any UK invoice or supplier payment over three months, with the initial payment made upfront on their behalf. It gives SMEs greater flexibility to negotiate with suppliers, deal with unexpected payments and cover ad-hoc business costs. 

We launched FlexiPay in beta in September 2021 to a selection of our existing customers in the UK. Following hugely positive feedback, at the end of 2021 we expanded our efforts to make the product available to more existing customers. Early this year we launched FlexiPay in beta to new customers and plan to roll the product out further in 2022. 

As the next stage of the FlexiPay roll-out in the UK, we’re also developing a business charge card, to help businesses settle monthly payments and meet daily expenditure needs.

FlexiPay Card will enable small businesses to spend money for up to 30 days interest free, with 1% cashback for those which repay their balance at the end of the month. Card bills can also be rolled over into a three-month FlexiPay credit, providing an additional layer of flexibility. We opened the FlexiPay Card wait list in late 2021. We expect to launch the product to a selection of our existing customers by the end of 2022, following the roll-out of FlexiPay in the first half of the year. 

Funding Circle is at the stage of maturity now where we can enable external partners to tap into our technology and machine learning for the benefit of their customers. 

As a sign of our confidence in the quality of our products and the strength of our technology platform, in December 2021 we launched a new embedded finance solution in the UK. Via a newly created Application Programming Interface (API), partners can now natively embed Funding Circle into their own websites, providing customers with fast and seamless access to small business loans. 

The business finance platforms Funding Options and Capitalise.com were the first to integrate with the new Funding Circle API, providing a blueprint for additional partnerships expected in 2022 and beyond.

P&W Waste Solutions

Paul Tether

Director of P&W Waste Solutions

I signed up to FlexiPay as I had a payment due to a supplier and it allowed me to buy extra supplies which I needed. FlexiPay is one of the best ideas for small businesses and I will definitely be using it on an ongoing basis and telling people about it. It is really clear how repayments work and how much I owe.