The online lender IOU Financial (TSX-V: IOU) has entered into a partnership with the global payments provider Paysafe (PAYS: L) to fuel the growth of small businesses in North America.
The partnership, which covers the U.S. and Canada, will combine both companies’ market expertise and services to provide small businesses with capital management solutions through their respective lending and processing platforms.
Paysafe is a provider of digital payments and transaction-related solutions for businesses. The company offers a suite of integrated payment solutions to business software providers with the Group’s payment processing business managing more than $20 billion worth of payments annually.
Headquartered in Montreal, Canada and with its North American operations centre based in Atlanta, Georgia, IOU Financial provides merchants with the access to the capital they need to grow effectively and fast through its small business loans. Its client base includes medical and dental practices, grocery and retail stores, personal fitness and spas, restaurant and hotel franchises and e-commerce companies.
Robert Gloer, IOU Financial
Robert Gloer, President and COO at IOU Financial, commented:
Today’s small businesses are becoming more sophisticated and searching for partners that provide comprehensive capital management solutions. We are excited to partner with Paysafe. We provide the capital to help businesses grow and Paysafe delivers upon their payment processing needs. This is a synergistic relationship to provide a suite of capital management solutions.”
Danny Chazonoff, Chief Operating Officer at Paysafe, added:
The number of small businesses that process payments and sell online in North America is constantly growing and it’s important for businesses to choose the right partners to help support their cash flow management and revenue growth. Through our partnership with IOU Financial, we aim to educate small businesses on the benefits and value of selecting the right partners for their needs with the objective of fuelling the growth of their business.”