Through the partnership, eligible American Express business clients will receive a referral to apply for up to £300,000 in financing from ezbob at a fixed annual interest rate from 3% per year.
Carlos Carriedo, senior vice president of Global Commercial Services at American Express, said: “We know agility is crucial for smaller businesses to help retain a competitive advantage, but accessing the financ(ing) needed to react swiftly to changing customer demands, or seize an opportunity, can be a challenge.”
Amex customers taking out a loan with ezbob will also benefit from a 40,000 Membership Reward points offer.
Ezbob will enable eligible American Express U.K.-based SME business customers to access quick and paper-free credit. The firm says companies can apply for a loan in ten minutes – and, if successful – receive funds on the same day.
The SVP continued: “We’re committed to helping U.K. businesses to ensure they can capture growth opportunities – whether that’s investing in headcount, optimizing seasonality, refurbing premises, or simply funding a large order.”
American Express and Oxford Economics recently conducted a global study of senior executives of 3,000 SMEs, which revealed that while U.K. SMEs remain confident, a significant number (24%) struggle to access finance to help grow and support their business.
The research highlighted that hidden fees, a lack of flexible repayment options and lengthy application processes are among the greatest challenges for small businesses looking to access finance or capital.
ezbob demonstrated its online application with automated lending decisioning and instant funding at FinovateEurope 2014. Founded in 2011, the company has raised more than $136 million (£103 million) in funding, including more than $50.3 million (£38.2 million) in equity funding. Tomer Guriel is founder and CEO.