Funding Xchange embeds its lending marketplace on eBay
As the auction site passes £25.4m in small business lending.
Just three months after eBay debuted its embedded finance marketplace, Capital for eBay Business Sellers (CEBS), £25.4m has been borrowed by over 2,700 small businesses.
CEBS works by connecting lenders, starting with YouLend, with eBay’s 300,000 SME customers, and letting applications happen quickly by harnessing eBay’s insights on the applicants.
To increase the pace of lending eBay is adding two additional lenders, Funding Xchange and Wayflyer, to the programme.
“The interest in Capital for eBay Business Sellers has far exceeded our expectations,” said eBay UK general manager Murray Lambell.
“We’re seeing a clear demand for capital among small businesses, especially those that have been operating for less than three years and where it’s more challenging to get a traditional loan.”
CEBS funding now ranges from £500 up to £5m, with 90 per cent of borrowers receiving funds on the same day that they accept an offer.
“With so many entrepreneurs and start-ups emerging through the pandemic, we’re exploring ways of expanding the programme to ensure even more businesses in our seller community have access to the finance they need to grow and scale.”
The scheme’s growth is part of eBay’s commitment to help its customers grow and scale post-Covid and joins the launch of Orange Connex, eBay’s first end-to-end fulfilment service for UK eBay sellers.
It’s also great news for Funding Xchange, which has been wholeheartedly embracing the embedded finance movement, most recently by white-labelling its lending tech under the new FXE Technologies brand.