Paycorp Expands Embedded Business Funding into UK

Paycorp, a global leader in payment solutions, today announces the expansion of its embedded, pre-approved business funding offering into the United Kingdom.

SMEs account for 61% of all employment in the UK, so it’s critical that they have access to the support and funding that they need to grow. According to the British Business Bank, nearly half (48%) of all UK SMEs with employees sought external finance in 2023, demonstrating the high demand for solutions like Paycorp’s.

Since March 2023, Paycorp’s Capital Express brand has provided business funding to ATM clients across South Africa in partnership with Retail Capital, a division of TymeBank, South Africa’s digital bank. Through this venture, Paycorp and Retail Capital have offered instant working capital based on historical ATM transaction data.

Now, to meet growing UK demand, Paycorp has launched its embedded funding offering in the UK as Recap Global – serving SMEs across all sectors, including wholesale and retail trade, restaurants and pubs, hotels, mechanics, and taxi firms.

Uniquely in the market, Recap Global leverages transaction data from various payment partners’ ATMs, point-of-sale, and e-commerce platforms to generate truly pre-approved funding in real-time. By leveraging line-by-line transaction data, Recap’s credit risk engine can assess a merchant and return a funding offer in under two minutes without any further underwriting requirements such as a credit check on the owner or management accounts or business bank statements.

By fully integrating into payment partners’ processes, its advanced credit risk engine  combined with a seamless user experience ensures that small businesses across the UK have access to crucial working capital.

Merchants receive a customised and secure offer URL which prompts them to follow a simple four-step process to receive pre-approved funding in under two hours – eliminating lengthy application processes and the fear of rejection.

Fees are transparent and determined upfront, with repayments made as a percentage of daily sales to ensure flexible payment terms. This means that during slower business periods, repayments are lower, therefore providing much needed flexibility in a turbulent and often uncertain economic environment.

Jonathan Field, Managing Director, Recap Global, comments: “We’re delighted to partner with payment platforms to enhance their merchant offering and increase loyalty with turnover-based business funding. Eligible customers can get truly pre-approved, frictionless funding at the click of a button, eliminating rejection anxiety and empowering businesses to capitalise on growth opportunities even in challenging economic circumstances.”

Steven Kark, Co-founder and CEO, Paycorp, adds: “Expanding our embedded business funding offering to the UK is a significant milestone for Paycorp. It will enable us to accelerate our global growth while providing a service that British businesses and their payment providers can all benefit from. We have evolved from a South African ATM business into an international payments provider offering everything from cash management to crypto, and I’m proud that we are continuing to shape the future of payments with embedded business funding.”