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Invoice2go Partners with Square Capital to Deliver Mobile Access to Business Loans

April 22, 2019, 07:15 AM
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Topic: Industry News

Invoice2go and Square Capital announced a partnership that gives Invoice2go customers in the United States a fast, seamless way to access the funding they need to grow their business – from right inside their Invoice2go mobile app. This partnership is the first time Square Capital, the small business loan program created by financial and technology company Square, has had a partner incorporate embedded access to business loans through their mobile app, making the process of applying simple and easily accessible.

"Access to capital can be the largest obstacle standing in the way of growth for many small businesses. In fact, according to a Federal Reserve survey, a staggering 70 percent of small businesses that apply for traditional loans do not receive the funding they want," said Greg Waldorf, CEO of Invoice2go. "Partnering with Square Capital means we can help more one and two person businesses access the funding they need to buy equipment, invest in marketing, hire staff, or invest in anything else their business needs to grow."

Loan offers can range from as little as $500 to as much as $100,000. With more than half of Invoice2go's customers in the building and home services industries, the Square Capital partnership stands to improve access to financing especially for those delivering large home improvement projects. Now, small businesses such as contractors can apply for funding to cover up-front expenses or anything else their business needs, and get their jobs started faster.

In addition, small business owners can expect an experience that's clear, transparent, and straightforward — there are no long forms to fill out or long waiting periods. Businesses can begin the application right from the Invoice2go app, and upon approval, receive the funds in their accounts as early as the next business day. Repayment is convenient and automatic.

"By partnering with Invoice2go, via our new APIs, we can now bring the end-to-end loan application experience directly inside their mobile app," said Nicolas Chinot, Product Manager at Square Capital. "This integration enables us to meet small businesses right on the phone or tablet where they manage their business, and goes even further in taking the 'work' out of applying for funding."

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