Funding Xchange has been added to eBay’s embedded finance platform.
Capital for eBay Business Sellers (CEBS) lets users access finance directly through the auction site.
It has already approved £25m of financing after just three months through work with YouLend and has now added Funding Xchange, which provides access to funding from alternative lenders including peer-to-peer platforms.
Another partner, Wayflyer, has also been signed up.
CEBS gives eBay business owners access to funding ranging from £500 to £5m.
Eligible sellers only need to complete a short application form, with 90 per cent of sellers receiving confirmation and the funds on the very same day they accept an offer.
“The interest in Capital for eBay Business Sellers has far exceeded our expectations,” Murray Lambell, general manager of eBay UK, said.
“We’re seeing a clear demand for capital among small businesses, especially those that have been operating for less than three years and where it’s more challenging to get a traditional loan.
“With so many entrepreneurs and start-ups emerging through the pandemic, we’re exploring ways of expanding the programme to ensure even more businesses in our seller community have access to the finance they need to grow and scale.”
Funding Xchange also provides an embedded finance platform for Enterprise Nation.