Paycorp has launched its embedded funding offering in the UK as ‘Recap Global’ and plans to serve SMEs across all sectors, including wholesale and retail trade, restaurants and pubs, hotels, mechanics, and taxi firms.
SMEs account for 61 per cent of all employment in the UK, highlighting the importance of providing access to support and funding required to ensure growth. According to the British Business Bank, 48 per cent of all UK SMEs with employees sought external finance in 2023, demonstrating the high demand for these solutions.
Steven Kark, co-founder and CEO of Paycorp, discussed the move: “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.”
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, the South Africa-based digital bank. By joining forces, Paycorp and Retail Capital have offered instant working capital based on historical ATM transaction data.
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 need 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 at Recap Global, also comments: “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.”
