Mollie launches Mollie Capital

Dutch payments fintech Mollie is launching a new financial service, Mollie Capital. Merchants can now apply for a cash advance up to 250,000 euros. The company is planning to launch other additional services in the future.

The Dutch payment service provider Mollie handles payment transactions for online stores by offering a large collection of online payment methods. Now, it is launching a new product. Dutch and Belgian customers can now apply for financing at Mollie Capital.

Loans up to €250,000

The financing solution is meant for online stores who are looking for a quick cash advance to buy additional inventory. Customers can apply within Mollie’s own software for loans of less than 30,000 euros up to a maximum of 250,000 euros. Repayments are done within a 6 month period, taken as a portion of daily sales through Mollie transactions.

‘We have a good overview of our customers’ income and can offer loans quickly.’

Additionally, customers pay a fee between 5 and 10 percent of the loaned amount. “As a payment service provider, we have a good overview of our customers’ income and can therefore offer these products easily and without hassle”, says Rogier Schoute, chief product officer at Mollie. “We are more expensive than a normal bank, but that is a choice customers need to make. We can offer loans more easily and within one day, which is something many of our customers need.”

Partnership with YouLend

Mollie is offering the loans through a partnership with financer YouLend, which will also be the lender for the loans. “The launch of Mollie Capital marks our first step towards becoming a financial services provider, whilst aligning with our goal to help small- and medium-sized merchants compete”, says Shane Happach, CEO at Mollie.

‘Competitors have also launched financing solutions.’

The payment service provider is not the first one who is offering additional financial services. Competitors such as Stripe offer several financial products. Payment methods PayPal and Klarna offer financing for online sellers. Amazon also has a financing solutions for sellers.