MONTREAL, QC – As the retail industry continues to adapt amid the global pandemic, Lightspeed announces the initial availability of Lightspeed Capital, powered by Stripe. Through financing offers, this product will help U.S.-based merchants with overall business growth, more specifically to buy inventory, invest in marketing or manage cash flows. It is available for retailers using Lightspeed Payments in the U.S. and provides financing of up to $50,000 per retail location.
Lightspeed notes that there is no lengthy application or collateral obligation, and approved funds are typically deposited the next day. A percentage of daily sales will automatically be repaid against the borrowed amounts, keeping repayment flexible. Approval is based on a retailer’s history with Lightspeed Payments and draws on data from Stripe’s global business network
“Lightspeed retailers have always outperformed the broader industry and this has been more apparent than ever during COVID-19 as these innovative merchants have leveraged omnichannel solutions to meet customer demand,” said Dax Dasilva, founder and CEO of Lightspeed. “The introduction of Lightspeed Capital is one more tool to help them digitally transform their business and continue to outpace the industry.”
As part of Lightspeed’s continued effort to support merchants during this time, the company is hosting regular webinars to equip SMBs with essential information on financial planning, social media sales integrations, how to maximize retail revenue, and more.
“We’re excited to help Lightspeed go the extra mile in building technology to make all aspects of running a modern retailer easier, from payments through to flexible financing,” said Jeanne DeWitt Grosser, head of Americas, revenue and growth at Stripe, commented. “Extra capital can make all the difference for Lightspeed’s growing retailers who want to invest in adaptation as the economy reboots.”