Stripe has launched new payment tools and financing options in the UK that will improve access to capital and accelerate the growth of hundreds of thousands of UK businesses.
The new product features include business financing through Stripe Capital, lower-cost Open Banking-powered payments, and faster payouts.
John Collison, cofounder of Stripe, said: “UK businesses are inventing and building, but getting access to capital at the right time is a rate limiter on their growth. The payments tools and financing options we’re launching today will help money move around the economy faster and make it easier for businesses to invest when they see an opportunity to grow.”
UK businesses on Stripe will be the first to access new payment methods and capabilities built on payment infrastructure that the UK pioneered
The UK is Stripe’s second largest market, and its growth is accelerating. Around 600 UK businesses join the Stripe network every day, a significant increase even from pandemic highs, when swathes of companies were forced to move online to survive.
With the launch of Stripe Capital in the UK, small businesses can access flexible financing to invest in their own expansion, whether that’s buying new equipment, growing their staff, or upgrading their customer experience. Stripe Capital uses a company’s transaction and business history on Stripe to proactively qualify businesses for financing. Funds hit approved accounts the next business day, and businesses repay the amount as they earn.
Stripe Capital is now available to UK businesses that run directly on Stripe. Later this year, UK marketplaces and platforms that use Stripe Connect will also be able to use Stripe Capital to offer financing to their own users.
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By GlobalData
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