SellersFunding Expands Working Capital Services To Canada, UK, EU

SellersFunding, which works in integrated financial services, has announced an expansion of its scope to sellers in other countries like Canada, the United Kingdom and the European Union, according to a press release.

SellersFunding works with a turnkey service for big companies, including Amazon, Shopify and Magento, the release stated. It offers services via a combination of access to working capital, daily advances and global cross-border payment features, allowing for an end-to-end picture of how a company is doing.

The new features included in the expansion allow access to up to $1 million in working capital for growing inventory and broadening reach, daily advances on Amazon for up to 90 percent of the previous day’s sales to help with consistent and predictable cash flow, and digital wallet features, including global currency exchanges for collecting payouts and a global supplier pay feature allowing payments to China in renminbi, according to the release.

Ricardo Pero, CEO of SellersFunding, said in the release that the growth in eCommerce sales this year, spurred by the pandemic, has resulted in a 44 percent increase in the third quarter just among U.S. sellers.

“During that same period of time, our entire client portfolio has seen, on average, an 85 percent increase in sales compared to the previous year,” he said, according to the release. “Notably, of those, our merchants selling across borders have done even better, with a 95 percent increase in sales. This shows the incredible growth happening in eCommerce, particularly internationally, and is why SellersFunding is rapidly expanding our capabilities to help sellers scale their businesses globally.”

In separate news, Faire Chief Technology Officer and Co-Founder Marcelo Cortes spoke with PYMNTS earlier this year on the complexity of helping the U.S.’s mom-and-pop small businesses. He said the draw to those types of businesses is in the option to discover something “neat, new and unexpected.” The hurdle for digital features is providing streamlined access to the platform to make shopping easier and more convenient.