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Stripe introduces new payment solutions in the UK

Wednesday 22 May 2024 15:27 CET | News

Financial infrastructure platform for businesses Stripe has announced the launch of additional tools and financing options for companies operating in the UK. 

In a bid to support access to capital and accelerate the expansion of businesses in the UK, Stripe introduced new payment tools and financing alternatives, including Stripe Capital, a feature that allows lower-cost Open Banking-enabled payments and convenient payouts. Considering that access to capital is not a simple process for businesses, Stripe launched the tools and options to simplify how businesses receive capital while supporting money movement around the economy.

Financial infrastructure platform for businesses Stripe has announced the launch of additional tools and financing options for companies operating in the UK.

With the UK being Stripe’s second largest market, currently, nearly 600 businesses join its network daily. The company’s users include organisations like Monzo, and Octopus Energy, as well as AI startups and other established firms such as ITV, River Island, Nando’s and Hargreaves Lansdown.

Stripe Capital’s capabilities 

By introducing Stripe Capital in the UK, small and medium-sized enterprises (SMEs) are set to receive access to flexible financing that can be invested in their expansion, including acquiring new equipment, growing their team, or improving the customer experience. The solution leverages the company’s transaction and business history on Stripe to qualify businesses for financing, with the funds getting into approved accounts the following business day. In addition, businesses repay the amount as they earn it. Stripe Capital focuses on accelerating the growth of companies, with an analysis conducted by the company on its US-based users showing that their revenue expanded 114% faster than peers.

Stripe Capital is currently available to UK businesses that operate directly on Stripe, with the company planning to launch the service to marketplaces and platforms that leverage Stripe Connect to provide financing to their users.

Stripe’s new payment features

In addition to Stripe Capital, the company also introduced its first Open Banking-enabled payment method, Pay by Bank, in the UK. Being a real-time payment method, Pay by Bank aims to allow consumers to pay directly from their bank account. Also, Stripe is supporting UK businesses to access their funds quicker with the region’s Faster Payments Scheme. The firm intends to minimise the time it takes businesses to get their earnings, thus assisting them in managing their cash flow more efficiently.

These features are set to be rolled out in the EU and US later in 2024, with them arriving as Stripe increases the number of payment methods it assists from 50 to more than 100 since 2023, including Revolut Pay.

Source: Link


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Keywords: payment methods, product launch, product upgrade, SMEs, Open Banking, Open Banking payments
Categories: Payments & Commerce
Companies: Stripe
Countries: United Kingdom
This article is part of category

Payments & Commerce

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Stripe

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