Payability partners with marketplace Newegg on working capital offering

New York City-based fintech Payability is adding electronics marketplace Newegg to its list of e-commerce partners through an offering called Newegg Capital.

Why should we care?
As e-commerce platforms see more activity due to pandemic restrictions, working capital solutions help these businesses accelerate their growth trajectories. Payability plays in a competitive field alongside working capital solutions offered by e-commerce platforms (e.g. Amazon Lending), payment providers (e.g. Square Capital, PayPal Working Capital) and other fintechs (e.g. SellersFunding, Payoneer). The company’s chief marketing officer Jim Shook told TheFR the appeal of Payability’s solution is a friction-free underwriting experience and the ability to reach businesses often ignored by larger financial players. “Where this conversation started [with Newegg] was in our alignment around the importance of cash flow for sellers which is consistently the number one concern for small businesses,” he said. “As more traditional funding companies have cut back, the need for financing has actually grown.” Payability also offers working capital solutions for other marketplace sellers, including those on Amazon, Walmart, eBay, and Shopify. To date, it’s provided more than $3B in funding to thousands of sellers.