eBay and LendingPoint Team Up to Provide Seller Financing to Entrepreneurs and Small Businesses
The pilot program is live now and is compatible with eBay’s managed payments program.
August 5, 2020, San Jose, Calif. – eBay is partnering with LendingPoint to launch a new program that will give eBay sellers in the U.S. access to funding to help grow and sustain their businesses. The program, eBay Seller Capital powered by LendingPoint, is compatible with eBay’s managed payments program and will unlock opportunities for individuals and businesses to obtain financing, providing eligible sellers with a fast, flexible and transparent funding experience.
“We’re committed to empowering entrepreneurs to make their dreams a reality, and we are continuing to partner with our sellers to provide them with the tools they need to thrive,” said Alyssa Cutright, Vice President of Global Payments at eBay. “We’re excited to make flexible financing options available that are integrated with our new payments experience. The program with LendingPoint will enable critical funding opportunities for eBay sellers, especially during this time of economic uncertainty.”
“LendingPoint’s purpose is to accelerate and democratize commerce,” said Tom Burnside, CEO and Co-Founder of LendingPoint. “We are thrilled to be able to use the data and technology we have built into our platform to help eBay sellers achieve their dreams. eBay sellers are some of the world’s most dynamic ecommerce players and our Loan Operating System will help them access the financial tools they need to achieve even greater success with their businesses.”
eBay sellers working with LendingPoint in the initial program, can obtain quick decisions and access to installment loans. This service will be offered with flexible terms of up to 48 months to allow sellers to choose the best option for their specific budget needs, and lower repayment plans as part of the longer terms. LendingPoint will not charge origination fees or early payback fees. In future, through this partnership, eBay and LendingPoint aim to expand their offering to provide eBay sellers with more tools to help run their businesses.
eBay Seller Capital powered by LendingPoint is rolling out now as a pilot program with select sellers, and will be available to all eligible sellers in the U.S. later this year. During the initial launch, eligible sellers may receive up to $25,000 in funding in as little as one business day.
eBay Inc. (Nasdaq: EBAY) is a global commerce leader that connects millions of buyers and sellers around the world. We exist to enable economic opportunity for individuals, entrepreneurs, businesses and organizations of all sizes. Our portfolio of brands includes eBay Marketplace and eBay Classifieds Group, operating in 190 markets around the world.
LendingPoint is a data and technology platform that enables origination of unsecured personal loans for financial institutions and for its own balance sheet. The company uses its data algorithms and technology to create better lending and borrowing experiences by finding more reasons to say “yes” — democratizing credit across the credit spectrum by unlocking access to affordable loans. Its LendingPoint Merchant Solutions platform provides e-commerce platforms and merchants and other service providers a fully integrated, one-stop financing solution to accelerate commerce by providing sellers with financing and also converting more customers at the point of sale. Its SDKn™ enables seamless integration of the entire LendingPoint Loan Operating System in apps and ecommerce platforms with just a few lines of code.
In 2019, LendingPoint placed 17th on Inc. 5000’s list of fastest-growing private companies in the US; ranked 9th on Deloitte’s 2019 Technology Fast 500; and the company’s CEO Tom Burnside was chosen as Entrepreneur of the Year Finalist Southeast by EY. LendingPoint was named in 2018 one of the nation’s best consumer loan companies by U.S. News & World Report, one of the Best Personal Loans by NerdWallet, and the fastest-growing private company in metro Atlanta by the Atlanta Business Chronicle. LendingPoint is a privately held company headquartered in Kennesaw, Ga., with offices in New York and Nevada.