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Payment Assist Adopts Groov’s Embedded Finance Offering in UK
- Payment Assist partners with Groov to offer business lending to automotive businesses in the UK.
- The new offering complements the buy now, pay later and retail finance solutions already available for the UK automotive sector.
- Payment Assist's business lending division provides various funding solutions, including loans, cash advances, invoice finance, and credit cards.
- Funding options range from £1,000 to £10 million to cater to different business sizes.
- The company aims to serve small independent businesses to multi-site organizations.
- Payment Assist CEO Marcus Gregory sees the new division as a natural progression to support the industry.
- Businesses can apply by specifying their funding needs, answering questions, and linking their business bank account.
- The platform connects businesses with a network of UK lenders to provide tailored offers.
- This partnership enables platforms to offer customized funding solutions with Groov's embedded finance platform.
- Groov's CEO Mark Hazzard highlights the importance of understanding customers in providing SMB funding.
- 37% of SMBs are interested in switching to providers offering embedded lending options, as per a PYMNTS Intelligence report.
- Payment Assist and Groov aim to empower automotive businesses with fast, flexible access to capital.
- The collaboration enhances Payment Assist's suite of financial solutions for merchants.
- The initiative aims to make it easier for merchants to expand operations and manage cash flow with confidence.
- The article originally appeared on PYMNTS.com.
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