Online marketplace eBay and Asto, the Santander-backed fintech that aims to help small businesses run and grow through a range of financial and non-financial services, have partnered up to offer cash flow loans to eBay.co.uk’s growing network of small businesses.
The partnership aims to help eBay’s small business customers ease cash flow pressures and grow their businesses.
With over 200,000 SMEs using its platform in the UK, eBay is committed to helping Britain’s small businesses to successfully grow and thrive.
Paolo Levoni, eBay Chief Operating Officer, said: “eBay is passionate about helping small businesses succeed. We help power over 200,000 British SMEs, helping them grow through access to 180 million consumers in 190 markets across the globe.
“Our partnership with Asto is designed to help our business sellers efficiently access cash loans to help them expand and manage cashflow – our latest step in helping small businesses in the UK to thrive.”
Asto aims to make access to financial services for the UK’s freelancers and small business owners, simple, seamless and easy to manage on-the-go. The Asto finance app will provide eBay customers a way to get accessible finance in a matter of clicks, to help them stay on top of their money and keep their cash flow positive.
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Sigga Sigurdardottir, CEO of Asto, commented on the partnership: “I am excited by the opportunity for Asto, as a fintech start-up, to partner with eBay, a global ecommerce platform that shares our ambition to help small businesses grow and thrive.
“Asto is built on the belief that no good business should fail for want of time, insight, support or access to finance. Working with eBay, Asto will empower small business owners with secure access to funds in a matter of minutes from their phone, versus traditionally several weeks.”
The cash flow loans for eBay users will be launched later this year.