B2B banking services provider Banking Circle has joined forces with Cardstream to deliver a white-level SME lending solution.
The move will enable Cardstream’s partners to offer business loans to merchants. Cardstream is said to have over 200 partners.
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The collaboration seeks to cater to SMEs struggling to access funding through traditional channels due to high interest rates and rigid repayment options.
Cardstream CEO Adam Sharpe said: “Cardstream’s Partners enjoy strong and trusted relationships with the merchants to whom they provide our white labelled payment gateway service under their own trusted brand.
“Now, with this new service developed with Banking Circle, they can offer loans to any of their merchant customer businesses based on their online payments revenue.”
He also added that it will serve as value-added services for its partners.
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By GlobalDataThe launch of the new solution builds on Banking Circle’s other SME lending services.
The company entered the SME lending sector last year by introducing Banking Circle Lending and Banking Circle Instant Settlement.
Banking Circle co-founder and CEO Anders la Cour said: “Banking Circle is committed to providing market infrastructure as a real alternative to traditional banking solutions, with the aim of increasing financial inclusion.
“As part of this, we wanted to deliver a more accessible lending solution for businesses in need of a financial boost.”
