Transend and Midland States Bank Partner on Working Capital Solution

Transend and Midland States Bank have partnered to help suppliers offer their commercial customers instant access to working capital at the point of commerce.

The companies will offer these dynamic payment solutions by leveraging Transend’s B2B private-label working capital solution, they said in a Monday (July 15) press release.

“To partner with such a forward-thinking community bank as Midland States Bank to launch the Transend platform nationally is such a privilege, and we’re incredibly excited about the impact we can have together in the commercial space with their team by our side,” Matt Lekawa, founder and CEO at Transend, said in the release.

By working together to help suppliers offer promotional terms at the point of commerce, the companies aim to help suppliers across the United States drive loyalty, increase sales and accelerate accounts receivable with their commercial customers, according to the release.

In addition, with the solution offered by this partnership, suppliers get paid in full as soon as 24 hours following the transaction, the release said.

This new offering joins a range of commercial and consumer banking products and services offered by Midland States Bank, per the release.

“It’s inspiring to collaborate with a company who operates with the same level of regulatory and compliance rigor as we do, and we look forward to what we’ll be able to accomplish together,” Jeff Ludwig, CEO of Midland States Bank, said in the release.

Growth corporates in North America utilize working capital solutions for investment purposes, to address cash flow challenges and to tackle emergencies, according to the PYMNTS Intelligence and Visa collaboration, “2023-2024 Growth Corporates Working Capital Index: North America Edition.”

By leveraging external working capital, these firms can enhance operational efficiency, navigate economic uncertainties and propel growth, the report found.

In June, modern capital platform Pipe said it is now using Peach Finance’s servicing technology infrastructure to power and scale its embedded capital product.

Pipe has offered its working capital solutions directly to businesses since 2020, focusing on providing fast, frictionless, dilution-free financing to small- to medium-sized businesses (SMBs). It also offers a capital-as-a-service solution for independent software vendors (ISVs) and payment companies.

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