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Multifi Launches 120-Day Payment Terms for Small Businesses in UK

Business finance platform multifi has launched 120-day payment terms available to small and medium-sized businesses (SMBs) in the United Kingdom.

The official launch of this offering follows a broker pilot program, the company said in a Thursday (Feb. 29) press release emailed to PYMNTS.

“We are thrilled to extend the learning of our successful broker pilot to a direct offering for U.K. SMBs,” Rob Keown-Boyd, CEO at multifi, said in the release. “This allows us to meet the needs of businesses seeking financial support more closely, especially as they navigate the complexities of the tax season.”

This financial solution is designed with the needs of U.K. SMBs in mind and can be accessed directly from multifi, according to the release.

In addition to the new extended payment terms, the solution includes tailored support for SMBs and a streamlined application process that is efficient, direct and speedy in providing financial support, the release said.

This new offering joins multifi’s business credit platform that offers U.K. enterprises access to unsecured revolving credit facilities up to £200,000 (about $253,334) within 48 hours, according to the company’s website. The platform’s embedded services also include payments and foreign exchange.

“Our commitment to empowering SMBs has never been stronger, and through our continued work with brokers and customers, we believe these 120-day payment terms will be a game-changer for many,” Keown-Boyd said in the release.

This news comes two days after the U.K. Parliament’s Treasury Committee said that more than 140,000 business accounts in the country were closed by major banks in the last year.

When announcing this finding, the chair of the Treasury Committee, Harriett Baldwin, said it was “startling” to see how ready lenders are to close these accounts with little or no notice.

In another recent development in this space, FinTech BankiFi and financier Praetura said Feb. 21 that they have partnered to develop a lending-as-a-service solution for SMBs in the U.K.

The platform offered by these companies is specifically designed to help SMBs access growth funding, even if they do not meet the requirements of traditional banks.

In November, small business lending platform Funding Circle and embedded finance solution provider Enfuce partnered to launch a small business credit card in the U.K.