Paycorp expands embedded business funding service to the UK

By Gloria Methri

Paycorp, a global leader in payment solutions, has expanded its embedded, pre-approved business funding offering into the United Kingdom.

SMEs account for 61% of all employment in the UK, and they must have access to proper funding to accelerate their growth. According to the British Business Bank, nearly half (48%) of all UK SMEs sought external finance in 2023, demonstrating high demand for solutions like Paycorp’s.

To meet the growing demand, Paycorp has launched its embedded funding offering in the UK as Recap Global – serving SMEs across all sectors, including wholesale and retail trade, restaurants and pubs, hotels, mechanics, and taxi firms.

Recap Global leverages transaction data from various payment partners’ ATMs, point-of-sale, and e-commerce platforms to generate pre-approved funding in real time. By leveraging line-by-line transaction data, Recap’s credit risk engine can assess a merchant and return a funding offer in under two minutes without any further underwriting requirements.

Merchants receive a secure offer URL, which prompts them to follow a simple four-step process to receive pre-approved funding in under two hours.

Fees are transparent and determined upfront, with repayments made as a percentage of daily sales to ensure flexible payment terms. This means that during slower business periods, repayments are lower.

Jonathan Field, Managing Director, Recap Global, said, “We are delighted to partner with payment platforms to enhance their merchant offering and increase loyalty with turnover-based business funding. Eligible customers can get truly pre-approved, frictionless funding at the click of a button, eliminating rejection anxiety and empowering businesses to capitalise on growth opportunities even in challenging economic circumstances.”

Steven Kark, Co-founder and CEO, Paycorp, added, “Expanding our embedded business funding offering to the UK is a significant milestone for Paycorp. It will enable us to accelerate our global growth while providing a service that British businesses and their payment providers can all benefit from. We have evolved from a South African ATM business into an international payments provider offering everything from cash management to crypto. I am proud that we are continuing to shape the future of payments with embedded business funding.”