Barclaycard rolls out cash advance product powered by Liberis

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UK alternative finance provider Liberis has entered into an agreement with Barclaycard to offer revenue-based finance to the acquirer’s small business customers.

Trading as Barclaycard Business Cash Advance, the product offers fixed cost financing with flexible repayment terms. Cash Advance is an alternative funding product where Liberis advances an amount of money to eligible merchants on the grounds that they will repay the amount plus a pre-agreed fee.

The deal between Barclaycard and Liberis follows a £35.4 million investment by Barclays in the company in the fourth quarter of 2021. Other investors in Liberis are UK-based venture capital builder Blenheim Chalcot and US growth investor FTV Capital.

Rob Cameron, CEO of Barclaycard Payments, said: “Small businesses support the UK economy and it is essential that they have quick and easy access to the flexible financial products they need to support their growth. Having a little extra leeway with refunds via Barclaycard Business Cash Advance will give many SMEs the confidence they need to invest in growing their business. We look forward to continuing to work closely with Liberis to enhance our line of innovative products.

Liberis has integrated its platform with more than a dozen global strategic partners in eight countries, including the UK, US, Ireland, Sweden, Finland, Denmark, Slovakia and the Czech Republic, and seeks to expand further in Europe.

With a direct reach to over one million small businesses, Liberis has provided nearly $1 billion in financing in over 45,000 transactions.

Rob Straathof, CEO of Liberis, comments: “We are very pleased to launch our financial partnership with Barclaycard to provide tailored financing to their small business customers. This investment demonstrates our leadership position in integrated business financing and shows how banks and fintechs can create vital partnerships to help even more small businesses get the financing they need to grow. »

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