FinTech: Funding Circle And Enfuce Announce Credit Cards Geared To Small Businesses
The new small business card is a part of Enfuce’s FlexiPay product.
Enfuce, a prominent provider of embedded finance solutions, has forged a partnership with Funding Circle (LON: FCH), the UK’s leading small business lending platform, to introduce a new small business credit card as part of its FlexiPay product. The FlexiPay card, developed through Enfuce’s MyCard service, streamlines the process for companies to launch their own card app. This collaboration aims to enhance Funding Circle’s offering, providing small businesses in the UK with a revolving line of credit to manage various business costs and short-term cash flow needs.
The FlexiPay card, facilitated by Enfuce’s Card-as-a-Service platform, offers SMEs a secure and flexible business credit card. It enables small businesses to make upfront payments to suppliers, covering expenses such as stock, equipment, and energy bills. Additionally, the ‘FlexiPay by Funding Circle’ app accompanies the card, allowing customers to handle bills, schedule payments, and manage their line of credit on the go.
Funding Circle, listed on the London Stock Exchange, has a robust commitment to supporting SMEs, having extended credit globally to over 140,000 businesses, totaling more than £16 billion. The partnership with Enfuce aligns with Funding Circle’s mission to facilitate hassle-free lending to small businesses.
According to Denise Johansson, Co-Founder & Co-CEO of Enfuce, small businesses now had access to a steady cash flow and flexible repayment choices at a critical juncture.
Jerome Fernandez, Managing Director of FlexiPay at Funding Circle said the new product helped small businesses manage their cash flow, an area where they were most vulnerable.
This collaboration follows Enfuce’s successful entry into the UK market and the opening of a new office in London.
As a Finnish fintech, Enfuce not only provides modular card issuing and payment processing solutions but also handles licensing, financing, compliance, and fraud management.
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