This partnership aims to launch a small business credit card as part of Funding Circle’s FlexiPay product, which offers small businesses in the U.K. a revolving line of credit to manage their short-term cash flow needs, the companies said in a Thursday (Nov. 16) press release.
The FlexiPay card, developed through Enfuce’s MyCard service, will enable small businesses to make upfront payments directly to suppliers and cover expenses such as stock, equipment and energy bills, according to the release. This new feature expands Funding Circle’s offering, giving small businesses the flexibility to borrow, pay and spend with Funding Circle.
“We’ve expanded our offering to meet more customer needs by giving them more ways to spend,” Jerome Fernandez, managing director of FlexiPay at Funding Circle, said in the release. “We’re pleased to be partnering with Enfuce in launching the card which is another milestone in our ongoing product development journey.”
Enfuce’s card-as-a-service platform will support the launch of the FlexiPay card by providing small businesses with a physical, secure and flexible business credit card, according to the press release. In addition, Enfuce’s MyCard service, a management app, will streamline the process of launching and managing the card app for companies.
This announcement comes after Enfuce’s successful entry into the U.K. market and the opening of a new office in London, the release said. Enfuce, a Finnish FinTech company, provides modular card issuing and payment processing solutions, as well as handling licensing, financing, compliance and fraud management.
“Working with such a reputable British company marks a significant step in our U.K. expansion plans, and we take great pride in furnishing the cards essential to help further drive the U.K. economy,” Monika Liikamaa, co-founder and co-CEO of Enfuce, said in the release.
In another recent product launched aimed at serving U.K. small businesses, global small business platform Xero announced on Monday (Nov. 13) its launch of two new payments features. The bill payments and eInvoicing features are designed to help U.K. small businesses manage their cash flow more effectively.