Global fintech Ebury and SME lender Earlypay join forces
The Australian arm of global fintech Ebury has teamed up with invoice and equipment financier Earlypay to give their SME and broker clients access to a wider range of financing and foreign exchange products.
Ebury - which was recently named by Bloomberg as one of the market’s most accurate FX forecasters - provides services including foreign exchange, cash management, and trade finance for SMEs.
The deal will allow Earlypay’s clients and brokers access to the FX risk management specialist's payments and risk mitigation services. For its part, Ebury will promote the business lender’s invoice finance and asset finance products to make more business financing products available to its clients.
ASX-listed Earlypay’s chief executive Daniel Riley said the two companies have pledged to provide Aussie SMEs with simple and accessible business financing and FX services using the latest technology.
“We look forward to providing Ebury clients with Earlypay’s growing range of business financing products and are excited to launch Earlypay FX under this new strategic partnership between Earlypay and Ebury,” he said.
Ebury’s head of Asia Pacific Rick Roache said the agreement would benefit both market leaders and more importantly, their clients and brokers. Roach added that the fintech is the largest non-bank in the world to focus on SMEs trading internationally.
“Our businesses are aligned in striving for the best customer experience possible, and we are both on similar high-growth journeys.
“This partnership validates Ebury’s standing as the market leader in technology-led cross border services for SMEs.
"Our respective clients will have a wider range of products and services to choose from, and brokers will have additional channels to serve their clients with and generate new revenue streams from,” he said.
A key market
Roache added that Australia was a key market for Ebury in Asia as many SMEs were experiencing a funding gap and faced great difficulty getting capital or complex FX support for growth.
Earlypay recently secured $18.8 million in a capital raising to fund a new trade finance product following a successful trial.
It provides finance to Australian SMEs to bridge the cash flow gap between paying suppliers and receiving customer payments.