Global fintech and international payment service provider, WorldFirst, has joined forces with RITMO to launch a £100 million growth package for fast-growing small and medium-sized e-commerce businesses in the UK.
WorldFirst’s Growth Package uses its cross-border payment infrastructure, which allows customers to open free business accounts abroad to pay their beneficiaries in their local currencies and collect payments from marketplaces and payment gateways. This is combined with access to working capital loans through RITMO, an online growth platform specialised in financial solutions to small businesses that sell online.
Small and medium-sized e-commerce businesses can apply for non-dilutive loans up to £3 million through WorldFirst’s designated partner at a discounted rate. They receive an offer in 24 hours and the funds are deposited into their account in just five business days. Customers pay a small percentage of their sales income each month. If sales fluctuate or fall, the financing period is extended at no additional cost.
This rapid access and flexible repayment model allow e-commerce companies to scale up during peak or seasonal periods of demand, extend payment terms and improve their cash flow management or open new sales channels for growth and expansion.
Jeff Parker, CEO at WorldFirst, said: “The UK has the most advanced e-commerce market in Europe, but the growth prospects of these businesses are hampered by complex international banking and payment arrangements and difficulty when sourcing the working capital they need to fund their expansion.
“The launch of our Growth Package addresses a crucial market need and supports our customers’ global growth ambitions by enabling quick and efficient access to working capital. By working with partners that complement our existing offering, we are delivering our mission to provide a one-stop solution for digital payments and financial services to small and medium-sized business trading internationally.”