Payments processor Stripe has released a new service aimed at improving the access to capital for internet businesses.
Stripe Capital leverages its algorithms to analyse hundreds of relevant datapoints from a business, such as payment volume, percentage of repeat customers, payment frequency, and changes in revenue growth, to assess the loan eligibility.
The repayment of the loan is a fixed percentage of daily sales – there are no recurring interest charges or late fees.
In addition to Stripe customers, Stripe Capital will be extended to its partners such as online store builders and B2B SaaS companies.
Stripe chief product officer Will Gaybrick said, “Stripe Capital makes it easy for internet businesses to get the funds they need, when they need them.
“It’s important to think about financial inclusion not just in terms of consumers, but also in terms of businesses. Businesses, especially small businesses and startups, are the engines for job creation in our economy. It should be trivially simple and lightning fast for them to access the capital they need to smooth their cash flow and invest in their own growth.”
The service is available to customers in the US.
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