Crossflow Payments has signed up Maplin Electronics Ltd to its payment finance platform in a three year deal.
The deal enables Maplin’s suppliers with the flexibility to access outstanding payments instantly and provides Crossflow with the potential to fund up to £360 million of payables over a three year period. The partnership with Maplin builds upon Crossflow’s strong track record in the retail sector and takes the total amount of payables the business can potentially fund to £2.4Bn.
The announcement comes at the start of a milestone year for Crossflow as its capacity to scale and rapid rollout becomes an increasingly attractive proposition. It also builds on the recent investment from Calibrate Partners, which has taken a 10% equity stake in the business, and highlights the growth potential in the supply chain finance market as a result of reductions in bank lending.
With many high-street retailers expecting a challenging 2017, Crossflow’s innovative supply chain finance solution will allow suppliers to enable investment by increasing their working capital whilst providing corporates with the opportunity to strengthen their supply chain in tough market conditions.
Commenting, Tony Duggan, Chief Executive of Crossflow Payments said: “We’re delighted to have the opportunity to partner with Maplin and to further build on our successes in the retail sector. The appeal of our innovative approach to supply chain finance is testament to the benefit it brings to both corporates and their suppliers. The ability to access finance quickly can often help fuel growth and we look forward to supporting more businesses as they seize new opportunities.”
Lindsay Dunsmuir, Chief Financial Officer at Maplin said: “Crossflow’s innovative solution is one that can deliver real benefit to our suppliers and we’re proud to be able to provide access to finance quicker than ever before. We’ve been hugely impressed with the expertise of the Crossflow team and the ease at which the platform has been integrated to our own systems. We look forward to working with them as we further strengthen our supply chain whilst supporting the growth of UK SMEs.”