Zip and eBay are partnering for the launch of Zip Business, offering 40,000 Aussie SMEs using eBay marketplace the opportunity to utilise the lending service.
eBay and Zip have announced a partnership to give merchants the opportunity to utilise the newly-launched Zip Business.
Zip Business is designed to give merchants the opportunity to access their purchase inventory and cover short-term expenses, such as marketing campaigns.
This launch is the first partnership as it rolls out the newly-launched Zip Business, and will be offered to 40,000 Australian SMEs that use the eBay marketplace.
“Zip is extremely excited to formally launch its Zip Business platform to create a suite of products for the small business community, a segment that has been underserved by the traditional lenders in recent years,” said Peter Gray, the Co-Founder and COO of Zip Co Limited.
“This comes at a time when Australia’s small businesses are confronting the extreme challenge of COVID-19, which has created enormous pressure on cashflow and ongoing business investment. A thriving small business community is critical to the health of the Australian economy, and we are deeply committed to supporting the growth of these important businesses.”
As part of this announcement, Zip is also entering a $100 million debt funding agreement with Victory Park Capital Advisors to fund Zip Business. The investment by the US firm allows Zip the flexibility and capacity throughout the launch of the new initiative.
Like this story? Click here to find out more about Power Retail E-Commerce Intelligence or here to sign-up for the free weekly Pulse Newsletter for more essential online retail content.