UK-based fintech WorldFirst has partnered with RITMO to launch a GBP 100 million growth package that supports fast-growing ecommerce SMEs in the kingdom.
WorldFirst uses its cross-border payment infrastructure that allows customers to open free business accounts abroad and pay their beneficiaries in their local currencies, while collecting payments from marketplaces and payment gateways.
On the other hand, RITMO, an online growth platform specialised in financial solutions for online selling SMEs will provide access to its working capital loans. SMEs in the ecommerce field can apply for loans up to GBP 3 million through one of WorldFirst’s designated partners and benefit from discount rates. Once the loan is approved, the SME will receive the funds in its business account in five days.
The loan package is available to many ecommerce SMEs that choose to sell their products via online marketplaces like eBay and Amazon and, given that the UK has a mature ecommerce market well-renowned across Europe, SMEs can use the funds to scale their businesses.
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