Ecommerce giant eBay has integrated Open Banking into its Seller Capital program to make accessing growth capital easier and more accessible for sellers.
Using Open Banking technology, sellers can choose to share their financial data, such as real-time cashflow and account balances from outside eBay, with eBay’s Seller Capital lending partners, giving them the ability to make “faster, more accurate and inclusive” lending decisions.
The integration is already available to eligible sellers in the UK and Germany, and will be rolled out to eligible US sellers in Autumn this year.
eBay cited a recent survey by Goldman Sachs which found that 77% of small businesses are concerned about their ability to access capital.
“Open Banking helps to make the eBay Seller Capital application process easier, faster and more holistic for small businesses, so we can help more eBay sellers start and grow their businesses,” said Avritti Khandurie Mittal, vice president of product for eBay services.
“Sellers not only have less of an administrative burden when applying for financing, it also means eBay’s trusted lending partners can make faster and better financing decisions that expands the eligibility of sellers, with potential for larger offers and more competitive pricing for our sellers.”
Mittall added said the integration builds on the “strong momentum” of the Seller Capital program, which has already delivered more than $100 million in working capital to in excess of 10,000 sellers this year.
Last year, eBay teamed up with embedded finance platform Liberis to launch a revenue-based financing product, ‘Business Cash Advance’, offered through eBay Seller Capital.
The product was made available to eligible eBay sellers in the US with pre-approved funding offers ranging from $500 up to $1 million.
