Ecommerce giant ebay has teamed up with Asto, a fintech app backed by European bank Santander, to offer loans.
The loans will be targeted at eBay’s small business clients, with eBay COO Paolo Levoni commenting: “eBay is passionate about helping small businesses succeed.”
Levoni added: “Our partnership with Asto is designed to help our business sellers efficiently access cash loans to help them expand and manage cash flow – our latest step in helping small businesses in the UK to thrive.”
Asto is an invoice finance app which promises users the chance to “automate your invoices and streamline your expenses”.
The app works by freeing up cash from invoices in the form of short term credit, improving the cashflow of small businesses. Clients have an ‘invoice finance pot’ of money they can take out from invoices that have yet to be paid.
Through the partnership, eBay’s small business sellers will be able to gain accessible finance via Asto’s app, which aims to be simple and easy to manage.
Sigga Sigurdardottir, CEO of Asto, said: “Working with eBay, Asto will empower small business owners with secure access to funds in a matter of minutes from their phone.”