Pipe, a FinTech company known for its embedded financial solutions, and GoCardless, a bank payment firm, have recently entered into a partnership aimed at transforming capital access for small and medium-sized enterprises (SMEs) in the UK.
The partnership between Pipe and GoCardless is designed to expand the availability of customer-friendly capital solutions to a wider market in the UK. This strategic collaboration leverages the strengths of both entities to provide small businesses with critical financial tools for growth and sustainability.
Pipe has built a robust platform that collaborates with software platforms to deliver financial solutions seamlessly integrated into the daily workflows of SMEs. Their services enable businesses to secure working capital swiftly based on their performance, avoiding the cumbersome traditional financial underwriting processes.
An impressive pilot program in the UK, led by the two companies, has shown promising results, including higher than expected attach rates and an impressive 88 Net Promoter Score among GoCardless customers. Almost £7m in capital has already been advanced to GoCardless customers during the pilot phase.
Pipe CEO Luke Voiles said, “Our partnership with GoCardless in the UK market marks a significant step forward in our mission to empower small businesses worldwide with the financing and services they need to grow and prosper.
“By combining Pipe’s customer-friendly solution with GoCardless’s extensive reach in the UK market, we’re revolutionizing how small businesses access capital and providing them with the financial tools they need to thrive in today’s dynamic economy.”
Jolawn Victor, chief growth officer at GoCardless, added, “We’re excited to work with Pipe to roll out their capital offering to our UK customer base.
“Their expertise and support helped us implement a pilot program quickly. Early results have exceeded expectations with almost £7m in capital being advanced to GoCardless customers. Customer feedback has been overwhelmingly positive, with the program achieving an impressive 88 Net Promoter Score. The strong conversion rates from the pilot show there is pent-up demand for this type of financing. We look forward to fully launching this embedded product next year, helping customers tap into new opportunities for growth and expansion while continuing to build their trust and loyalty in GoCardless.”
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