FIS (NYSE: FIS), a financial services technology firm, announced on Wednesday it is teaming with Liberis, a UK-based fintech that provides alternative funding for small businesses, to launch Working Capital to provide alternative funding solutions for U.S. small businesses.
FIS reported that through its Working Capital solution, Worldpay from FIS merchants in the U.S. can apply online for the cash they need to grow their business and get approved in minutes. Since its debut in March 2019, the Working Capital solution has provided more than $20 million of funding through Liberis to small- and medium-sized businesses (SMBs) in the U.S. Nicole Jass, SVP of Product, Worldpay Merchant Solutions of FIS, stated:
“SMBs are often so busy running their shops that the traditional bank loan process takes too much time. Working Capital makes it faster and easier for businesses to get access to the cash they need while allowing them to pay the funds as a percentage of their daily card transactions.”
FIS further explained that with the launch of Working Capital, U.S. SMBs receiving funding may now use the funds to invest in their business and drive growth. Howard Kramen, General Manager of U.S. at Liberis Group, added:
“Liberis’ mission is to reshape small business finance for good. With the joint expertise and support from global fintech leader FIS, we will be able to provide the working capital that SMBs need to compete in today’s hypercompetitive market.”