Lopay, a London-based payment processing app, has announced a strategic partnership with YouLend, the leading global embedded financing platform, to make flexible and affordable business financing available for Lopay’s customers.
Through the new partnership with YouLend, Lopay aims to integrate access to capital into its Point of Sale (PoS) platform, hoping to offer SMEs a competitive edge in the UK market. Alongside continued access to competitive payment fees, over 40,000 Lopay customers will gain access to capital to tackle the cash flow challenges businesses face daily.
“We’re on a mission to be the all-in-one financial partner that truly supports our customers because we know that small businesses are the backbone of our economy,” explained Richard Carter, CEO and founder of Lopay.
Lopay’s cash advance feature aims to enhance the customer experience by giving SMEs immediate offers based on their sales volumes following a digital application process that takes minutes to complete. This flexibility is part of Lopay’s goal to enable businesses to invest in growth opportunities, cover unexpected expenses, or just give cash flow a boost without the lengthy approval processes that you’d expect from traditional financing.
Daniel Sinclair-Taylor, strategic partnerships UK and Europe at YouLend, also said: “We have already seen impressive and evergreen business results from the partnership, bringing on significant revenue and retention benefits to Lopay’s platform. Most importantly, it has been a game-changer for their customers who are now effortlessly investing in their growth.”
Already seeing success
Since the partnership’s launch, Lopay has already provided £1million in funding within just three months post-launch, underscoring the strong demand for working capital coming from UK businesses.
One user of the solution, Patrick O’Neill, owner of London-based Coggins Taxi Journey, purchased several car parts to keep his cab fleet running, which he says helped double the business’s revenue during the peak summer season.
“The experience with YouLend’s customer service was outstanding – they guided us through every step with ease,” explained O’Neill. “This quick access to capital has opened up new opportunities for growth and helped us stay ahead in a competitive market.”
Richard Carter, founder and CEO at Lopay, also added: “It is heartening to see the positive and very tangible impact of YouLend’s financing solution in boosting our value proposition and solving the core problems of our customers: cash flow issues and access to capital.
“The decision to partner with YouLend was an easy choice. Speed is everything, and their ability to rapidly assess creditworthiness goes hand in hand with our goal of providing reliable financial solutions to ensure businesses can grow as much, and as fast, as they desire.”
As the partnership expands, both entities plan to invest in building the most scalable solution for Lopay’s customer base.
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