365 Business Finance has formed a new partnership with credit solutions provider CRIF Realtime, the creator of Credit Passport, as part of its mission to assist SMEs with flexible funding and services.
Since the easing of lockdown restrictions from April of this year*, 365 Business Finance has experienced a 22% increase in the number of enquiries received for merchant cash advances from UK based small to medium sized businesses. With this latest fintech partnership from the London-based financier, it has opened up access to fast, flexible funding to even more SMEs and Credit Passport customers over the last month.
Credit Passport helps SMEs navigate the financial system and access funding by improving their business credit score. Clients will now be able to apply for merchant cash advances, which can be used for any business purpose.
Glen Keller, Chief Product Officer at CRIF Realtime, said, "With Credit Passport, it has always been our mission to bring the best support and innovation to the SME sector, allowing businesses to create resilience, remove friction and enable growth, especially in these challenging times. That is why I’m delighted that by partnering with 365 Business Finance we can allow our Credit Passport customers to realise their funding needs in a truly simple and clear way, even if they have already received government backed loans or grants. It’s the perfect complement to our highly curated business support service.”
Managing Director at 365 Business Finance, Andrew Raphaely, commented, “Through this latest fintech partnership from our strategic partnerships team, we will be able to help even more SMEs achieve growth after what has been such a difficult time during the pandemic. It’s always hugely rewarding to support companies when they require just that extra little bit of financial assistance which can then go on to make a big difference to their businesses in the long term.”
Credit Passport and 365 Business Finance are working with UK based SMEs that accept card payments, offering a seamless real-time credit score and merchant cash advance application process, as this form of unsecured business funding for £5,000 up to £200,000 is continuing to increase in popularity.
Merchant cash advances are often utilised by businesses to ease cash flow and assist with business expansion, along with the refurbishment of premises. Repayments are taken as a small percentage of debit and credit card sales, with no fixed terms or APR and funding can be approved within just 24 hours.
For further information on how merchant cash advances can be applied for and how they can assist SMEs, visit www.365businessfinance.co.uk.
To find out how SMEs can access their real-time business credit score, visit www.creditpassport.com.
*Latest data from 365 Business Finance, January – March 2021 vs April – June 2021.