eCommerce FinTech company SellersFunding is launching two new working capital products to boost its resources for small businesses, according to a Wednesday (June 15) press release.
The two new products, Invoice Factoring and Purchase Order (PO) Financing, will allow SellersFunding to expand its offerings to businesses outside of the eCommerce space and into wholesale.
SellersFunding is a digital platform with financial products that streamline global commerce across working capital, cross-border cash management and business valuation markets.
“Since SellersFunding is already a trusted source for long-term non-dilutive financing, introducing products like Factoring and PO Financing was the natural evolution to further assist clients with their cash flow needs,” Abhi Chakraborty, vice president of credit at SellersFunding, said in the announcement.
The company plans to bring the Invoice Factoring and PO Financing products to both domestic and international small businesses through new and existing partners, brokers and its existing portfolio of clients, according to the release.
“Given that credit underwriting and client onboarding practices are similar across our product offering, we anticipated to quickly expand our Asset-Based Lending offering to companies with demonstrated robust sales and history with their account debtors,” Chakraborty said.
SellersFunding previously partnered with BigCommerce to bring working capital directly to BigCommerce’s sellers. The partnership aided sellers facing a “transformative overhaul” with the means to get proper funding can access working.
This was accomplished through SellersFunding supporting advertising, inventory management, product research and development, hiring new talent, or overall business expansion for BigCommerce sellers.
Related: Tammeyah for Microfinance Services Buys French B2B Marketplace
Earlier this week, Egyptian microfinance firm Tammeyah for Microfinance Services completed its purchase of Fatura Netherlands N.V., a B2B marketplace, another step forward for small business support.
Tanmeyah was founded in 2009, and provides working capital for smaller enterprises and reports having 391,000 clients. The company reports having 304 branches.
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