BPS to provide business finance facilities in $100 million funding partnership with FinTech lender Get Capital

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BPS Financial Limited, a wholly owned subsidiary of the ASX-listed BPS Technology Limited (“BPS”; ASX: BPS), is excited to announce a new business finance product to support and enable its current and future merchants.

BPS Financial will market tailor-made finance products to its small and medium enterprise merchants via a new partnership agreement. Today it has executed an agreement with Get Capital Pty Ltd (“GetCapital”) that will make available a range of finance products to its 36,000 merchants throughout its business networks, including Bartercard Group, Entertainment Publications and Bucqi.

Initially the facilities will target growth finance opportunities as well as working capital finance requirements of members.

Tony Wiese, Chief Financial Officer of BPS said, “We are excited to add a new business stream to our existing trading arrangements with our merchants, and also our partnership with GetCapital. We are responding to feedback from our existing merchants requiring better access to working and growth capital.

“With the new addition of Entertainment Publications’ 12,000 merchants, BPS now has 36,000 businesses with a variety of financing requirements. It is our role to not only facilitate extra sales for our members, but to partner in other areas of their businesses including providing essential cash flow and financing support as we already do through our trade dollar program. Through the partnership with GetCapital, BPS will now offer real cash finance as well as trade dollars to support our merchants’ growth.”

GetCapital will make available up to $100 million over the initial year of the agreement to support the partnership. BPS Financial does not carry the loan, risk or recourse on its balance sheet, but will however invest in Financial Service Officers to understand the needs of its merchants and to ensure that BPS efficiently markets the relevant finance product to its merchants. BPS will receive an upfront and ongoing commission on all transactions, which will commence from 1 November 2016.

Jamie Osborn, the CEO of GetCapital, said the partnership offered exciting potential.

“GetCapital’s strategic priority is to support the growth of Australian SMBs by delivering best in market finance solutions, through innovative financial products and exceptional speed and service to our customers and partners. Our distribution strategy leverages strategic relationships we form with players such as Alibaba, OFX, Xero and Aquire from Qantas.

“Our partners are leaders in their respective markets and have deep relationships with a large number of Australian SMBs. BPS fits this description perfectly. They are the clear industry leader in their category and have an intimate relationship with their customers developed over 25 years of offering a range of highly valuable services to SMBs. We are very proud to be their first finance partner.”

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