Funding Circle has launched a cashback card enabling small companies to earn 2 per cent cashback on purchases for the primary six months, as much as £2,000.
Funding Circle Cashback Enterprise Credit score Card then affords 1 per cent limitless cashback after the preliminary welcome interval.
The product permits prospects to repay in full or by means of part-payments and earn cashback on each transaction that they make on the cardboard, which has a credit score restrict of as much as £250,000.
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Earlier this yr, Funding Circle bought its US enterprise to iBusiness Funding in a deal price £33m after its annual outcomes confirmed a wider loss on a bunch stage regardless of a “sturdy revenue” in UK loans.
It reported just lately that it’s set to grow to be worthwhile by the top of the yr, following a bump within the worth of its originations in the course of the first six months of 2024.
The platform now allows companies to borrow for long-term funding functions, pay later with FlexiPay, its versatile line of credit score for spreading the price of payments and provider invoices, and now to spend on the brand new card.
Learn extra: Funding Circle sells US arm for £33m to deal with UK
“We all know that SMEs are already utilizing bank cards and overdrafts to finance a variety of spending, and we wish to provide them a product that might give them much more,” stated Jerome Fernandez, managing director at FlexiPay, Funding Circle. “That’s why we’ve launched the Cashback Enterprise Credit score Card, rewarding them with market-leading cashback for his or her spending, whether or not that’s for giant objects or on a regular basis prices.”
Since Funding Circle was based in 2010, it has prolonged £13.6bn in credit score to greater than 103,000 small companies within the UK.
Time period mortgage originations grew by 47 per cent year-on-year (YoY) in H1 2024 and FlexiPay transactions elevated by 151 per cent YoY, with greater than half a billion in transactions thus far.
Learn extra: New SME lender launched to plug funding hole within the UK