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Business and payments provider Zip Business has been added to the partner panel of the SME platform.
Launched last year following Zip Co Ltd’s acquisition of Spotcap Australia & New Zealand, Zip Business is a buy now, pay later product provider for businesses.
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It currently offers point-of-sale credit, digital payment and lending services – including Zip Business Capital, an unsecured business loan of up to $500,000.
The lender also offers SMEs BNPL for checkout payments of up to $3,000 (Zip Business Trade) and Zip Business Trade Plus, a new line of credit launched in April, which provides SMEs between $3,000 and $150,000, and is interest-free for 60 days.
The company has now been added to Lend’s partner panel.
The partnership aims to extend Lend’s ability to provide brokers with real-time access to more diversified unsecured funding lines for SMEs to help them with their working capital requirements and enhance business growth.
“One of Zip Business’s founding principles is to facilitate growth by empowering business owners with nimble, affordable solutions that provide flexibility and simplifies business finance,” Zip Business’s business development lead, Matthew Bright, said.
“The strategic partnership with Lend provides brokers direct access to one of the most diverse SME lending product suites in the Australian market – from buy now, pay later to larger working capital loans.”
“We’re delighted to have Zip Business join our stable of alternative commercial finance lenders,” Lend’s head of third party, Donelle Brooks, added.
“The collaboration is timely as many businesses continue to find it extremely challenging to access funding. We expect a substantial uptake of the Zip Business products as they alleviate the universal challenge of cash flow management that can be detrimental to growth and efficiency of operations.”
The announcement follows a period of recent growth for Zip Business, with Zip Co Ltd reporting earlier this week that the subsidiary recorded revenue of $10.9 million for the 2021 financial year.
Zip Business also reported a volume of $81.6 million over the same period.
Earlier this month, Zip Business was rebranded as part of an international rebranding initiative by its parent company, Zip Co.
[Related: Lend expands partner panel]
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