Ezbob Launches Microfinancing Facility for Online Sellers in the UK

Ezbob Launches Microfinancing Facility for Online Sellers in the UK PR Newswire LONDON, September 17, 2012 LONDON, September 17, 2012 /PRNewswire/ -- 10 minute access to funds to stock up for Christmas sales rush Ezbob, a new microfinancing company for online merchants, has launched its service in the UK this week. It will make working credit of up to £20,000 available instantly to eBay and Amazon Marketplace sellers through automated underwriting. According to its CEO and Co-founder, Tomer Guriel, Ezbob is aimed at small e-retailers typically with under £1million in annual turnover, for whom securing funding from traditional sources can be challenging. "Traditional credit providers simply do not have the know-how and technology needed to cater to this unique market's financing needs," he explained. "Banks struggle to assess online sellers adequately, given their small size, low turnover and the intangibility of their business. Furthermore, conventional credit approval takes between five and eight weeks - not to mention all the paperwork involved. This is too protracted for online sellers who often need rapid access to funds for their growth." According to IMRG (Interactive Media in Retail Group) UK e-retail sales in 2012 are estimated to reach £77billion, and e- retail now accounts for 17 per cent of the total UK retail market. Ezbob's UK launch comes at a time when online merchants will be looking to buy stock or hire more staff ahead of the Christmas sales rush.