A groundbreaking initiative is reshaping the financial landscape for automotive enterprises in the United Kingdom. Payment Assist, a prominent player in embedded finance, has announced an alliance with Groov to introduce tailored business lending services. This new venture complements their existing offerings of retail finance and buy-now-pay-later (BNPL) solutions designed specifically for the U.K.'s automotive industry. By integrating these comprehensive financial tools, businesses now have access to resources that can significantly enhance operational capabilities.
This partnership provides a diverse array of funding options crafted to meet the unique needs of automotive businesses. From business loans and merchant cash advances to invoice financing and credit cards, the spectrum caters to enterprises of all sizes, ranging from small independent operators to large multi-site organizations. The flexibility offered spans from modest sums up to substantial investments, ensuring adaptability to various business requirements. According to Payment Assist CEO Marcus Gregory, this expansion marks a logical progression in supporting the industry by broadening financial accessibility beyond traditional BNPL platforms.
The future of SMB funding appears promising as it becomes increasingly integrated into daily business operations. Through this collaboration, businesses gain access to a network of reputable U.K. lenders, facilitated by an intuitive application process. Applicants simply specify their funding needs, answer relevant questions, and connect their business bank accounts. Advanced technology then evaluates multiple lender quotes, presenting personalized offers tailored to each business's profile. Groov co-founder Mark Hazzard emphasizes the importance of understanding customer needs, highlighting how Payment Assist empowers automotive service providers with swift and adaptable capital access at critical moments. As interest in embedded lending continues to rise among SMBs, this strategic move positions Payment Assist as a leader in transforming financial services within the automotive sector.