GROWTH Street’s flagship lending product for small- and medium-sized enterprises (SMEs) will be made available to Xero customers thanks to a new partnership.
The peer-to-peer lender’s working capital finance solution, called GrowthLine, is now available on the Xero App Marketplace as a recommended option for businesses seeking funding.
It is being offered as an overdraft alternative, which allows SMEs to borrow up to £2m of working capital finance, with all loans backed by assets including unpaid invoices and stock.
“I’m thrilled that Growth Street and Xero are working together to make life easier for Britain’s brilliant SMEs,” said Greg Carter (pictured), chief executive of Growth Street. “Xero shares our desire to sweat the small stuff for business owners, saving them time and letting them concentrate on what they’re good at.”
“We’re very happy that Growth Street is live on Xero’s business marketplace,” added Edward Berks, Xero’s EMEA director, business platform. “Greg and the team have built a really differentiated product in GrowthLine, and we’re excited to give more businesses the opportunity to access a different kind of funding through our platform.”
The two firms will soon extend their partnership with a sophisticated integration via the Xero partner API. This will allow Xero customers to view their GrowthLine transactions in real time, cutting down on their administration and making it easier for them to track their accounts.
Growth Street is not the first P2P lender to partner with Xero. In 2017, MarketInvoice announced its own tie-in with the accounting giant, offering its invoice finance products to SMEs.