Worldline and the Swedish fintech company Froda have been partners since 2017. Their joint financing service Worldline Growth Finance will soon be launched in its fourth Nordic market, Norway, with the ambition to develop the partnership further. The service is targeted towards small businesses who need a simple and fast way to finance their growth.
Financing purchases during low season, covering unexpected costs, or investing for the future is a major challenge for many small business owners. To solve this problem, Worldline, together with Froda, offers all their Nordic acquiring customers access to financing based on their card sales. The customer can see their line of credit in Worldline’s reporting tool and easily apply for the whole or part of the amount directly in the tool. When the loan application is signed, the money is deposited in the customer's account immediately. The loan is repaid automatically by Worldline deducting the customer's daily settlements based on the customer's sales.
“Unlike many other lenders in the market, Worldline has a great insight into the customers' cash flows. Through that insight, combined with Froda’s revolutionary service, we have developed a unique financing service on the market. Together we drive innovation and development for the society’s important small businesses by offering more businesses a simple and easily accessible corporate credit on the best possible terms based on the business’ own conditions.”, says Daniel Nordholm, Head of Merchant Services – Regional Businesses at Worldline.
During Q1 2022, Worldline and Froda will launch Worldline Growth Finance in Norway and thus cover the whole Nordic region.
“One of Worldline’s core values is Innovation and bringing new ideas to life to make tangible improvements for customers, society and employees is part of our business. Partnering with an innovative partner like Froda to be able to offer a unique financing alternative for our customers has proven to be a success story in the Nordics. Worldline Growth Finance will soon be live in its fourth market, and we have high ambitions to continue to develop our partnership further. We see a huge potential in offering this service to our customers in several markets where we know that small businesses face difficulties with financing which in turn hamper their growth. Being a trusted payment partner, it is important for us to support our customers in several aspects of their business. Together with Froda, we enable sustainable economic growth in our society by supporting our customers in their growth journey.”, says Daniel Nordholm.
”We are very happy to partner with Worldline in order to make financing both more available and affordable for businesses through Worldline Growth Finance. Worldline’s focus on innovation, accessibility and sustainable economic growth goes hand-in-hand with our core values at Froda and we look forward to continue to develop our successful partnership.”, says Olle Lundin, CEO at Froda.
According to the Swedish Financing Report 2021 from Företagarna, the main obstacles regarding external financing that businesses experience are High demands on security (e.g., personal guarantee) (56%), The lender lacks an understanding of the business (34%), High interest rates and high return requirements (25%), and Administration/hassle (25%).
Froda is Worldline's partner and the company that enables us to offer corporate credit to our customers. Froda is a credit institution who is under the supervision of the Swedish Financial Supervisory Authority (FI).[VE1]