Adyen unveils product to help Australian SMBs access funding via platforms

Global fintech platform Adyen has launched a product that enables businesses on ‘Adyen for Platforms’ to access funding for their small and medium-sized business (SMB) users in Australia.

The new product ‘Capital’ allows platforms, such as Epos Now, Next Order and OrderBuddy, to offer business financing to their SMB users based on historic payments data, which means that any SMBs that accept such an offer can have the funds paid out quickly to them.

Adyen confirmed that the funding can be used for any business purpose, with repayments collected from incoming payments.

It comes after research conducted by Adyen in partnership with Boston Consulting Group revealed that 59% of Australian SMBs are interested in financial services embedded within a platform.

The research also found that 90% of SMBs in Australia with an interest in funding solutions believe they would benefit from their business loans being pre-approved.

“No one understands SMBs better than our platform merchants, and we’re proud to help them offer more value embedded in their ecosystem by using Adyen – from processing payments to facilitating funding for their users,” said Hayley Fisher, country manager, Australia and New Zealand at Adyen.

Users of ‘Capital’ will pay a one-off fixed fee, Adyen confirmed.

Will Richards, co-founder of Next Order, added: “Capital stands as a transformative initiative that helps our customers tackle funding issues for day-to-day contingencies without the one to two-week wait they’d expect with traditional banks.”

Adyen recently partnered with data network Plaid to launch its Pay by Bank services in North America in early 2024. The payments solution will add to Adyen’s US Branch License and local tech hubs.