MONTREAL, June 20, 2023 (GLOBE NEWSWIRE) -- Lightspeed Commerce Inc. (NYSE | TSX: LSPD) has expanded Lightspeed Capital, its merchant cash advance program, to the United Kingdom, Australia, New Zealand and Quebec. Bolstering Lightspeed’s embedded financial services offering, the launch aims to empower businesses with flexible funding in the face of rising inflation costs and turbulent economic conditions. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs who wish to accelerate growth, provide the best customer experiences and become a go-to destination in their space.
Lightspeed Capital
“Businesses are the backbone of our communities, and Lightspeed’s goal is to make owning a successful business easier than ever,” said Asha Bakshani, Chief Financial Officer at Lightspeed. “We are thrilled to have expanded the Lightspeed Capital offering throughout the United Kingdom, Australia, New Zealand and Quebec. This expansion aims to empower merchants who want to invest in their business. Our goal is to help alleviate roadblocks that traditional funding channels may require so our merchants can continue to focus on what matters most: growing their business while providing the best customer experience.”
Retail and hospitality entrepreneurs in the United Kingdom, Australia, New Zealand and Quebec can welcome a new era of business funding with Lightspeed Capital’s merchant cash advance program. Lightspeed Capital empowers business owners with its unique approach to funding:
- Simple Application: A quick, seamless and stress-free application process for merchants with no personal credit checks
- Flexible Funding: Working capital is available in as few as 2 business days and can be used for any business need, from inventory and equipment through to staffing
- Transparency & Stability: Flat-fee pricing, and no high or shifting rates, allows business owners visibility and peace of mind
- Empowering Growth: Merchants have access to the cash flow they need to expand and take their business to the next level
Capital that can be trusted
On the heels of Lightspeed Capital’s successful launch in the United States, the Lightspeed Capital cash advance program for merchants has taken on new territories, heading to Australia, New Zealand, the United Kingdom and Quebec. The program is revolutionizing how traditional business funding works. Exclusively available to Lightspeed Retail and Lightspeed Restaurant users, it boasts the added benefit of personal insight into their specific business needs. Lightspeed’s existing relationship with merchants makes for easier eligibility, underwriting and risk mitigation.
How does Lightspeed Capital work?
- Cash Up-Front: The cash advance program provides working capital up-front to grow and support the merchant’s business
- Predictable Payments: Merchant payments are a percentage of their daily sales; they pay more when their business is doing well, and less if things are slow
- Secure Fees: Flat fees mean merchants don’t have to worry about fluctuating rates
- Clear Communication: Merchants receive notification, in app or by email, that outlines how much they’re eligible for as a cash advance and the flat fee
- No Deadline, No Interest: Merchants remit at the speed of their business. With no strict deadline, merchants can gradually pay the advance as a percentage of their daily transactions
“We had already taken out large loans to open a second store and we didn’t want to sign up for anything additional that might affect our business credit,” said Lightspeed customer Robert Stokes, Techzone Geelong. “The fact that Lightspeed Capital doesn’t count as a loan or impact our business credit reporting really helped take some weight off of our shoulders.”
For business owners, trying to secure funding can be stressful and time consuming. Lightspeed removes the roadblocks and frustrations that merchants face from traditional sources, making access to capital simple, secure and stress-free. The Lightspeed cash advance program is tailored to merchants to support and strengthen their operations and fuel their ambitions. Now with even more Lightspeed users in the United Kingdom, Australia, New Zealand and Quebec being eligible, more merchants will have the freedom to transform their businesses.
“We believe real-time access to capital is one of the largest challenges facing merchants today,” said JP Chauvet, Lightspeed CEO. “This expansion of Lightspeed Capital provides a simple, streamlined opportunity for our merchants to invest in their business. Our goal is to help turbocharge their operations ... all through a single, integrated commerce solution.”
Lightspeed powers the world’s best businesses, including: Playbill, Arctic Spas, Ildico, Elite Supps, Leica Camera, Imagine Exhibitions, Dr. Barbara Sturm, Filson Canada, Melissa Joy Manning, Neal’s Yard Remedies, W Cosmetics, L’Osteria, Mamma, and Kei.
Dive into the transformative features of Lightspeed on our website, or to witness its powerful capabilities, see https://www.lightspeedhq.com/.
About Lightspeed
Powering the businesses that are the backbone of the global economy, Lightspeed's one-stop commerce platform helps merchants innovate to simplify, scale and provide exceptional customer experiences. Our cloud commerce solution transforms and unifies online and physical operations, multichannel sales, expansion to new locations, global payments, financial solutions and connection to supplier networks.
Founded in Montréal, Canada in 2005, Lightspeed is dual-listed on the New York Stock Exchange (NYSE: LSPD) and Toronto Stock Exchange (TSX: LSPD). With teams across North America, Europe and Asia Pacific, the company serves retail, hospitality and golf businesses in over 100 countries.
For more information, see www.lightspeedhq.com.
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Forward-Looking Statements
This news release may include forward-looking information and forward-looking statements within the meaning of applicable securities laws ("forward-looking statements"), including information regarding Lightspeed’s product offerings and planned product roadmap. Forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions and are identified by words such as "will", "expects", "anticipates", "intends", "plans", "believes", "estimates" or similar expressions concerning matters that are not historical facts. Such statements are based on current expectations of Lightspeed's management and inherently involve numerous risks and uncertainties, known and unknown, including economic factors. A number of risks, uncertainties and other factors may cause actual results to differ materially from the forward-looking statements contained in this news release, including, among other factors, those risk factors identified in our most recent Management's Discussion and Analysis of Financial Condition and Results of Operations, under "Risk Factors" in our most recent Annual Information Form, and in our other filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission, all of which are available under our profiles on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Readers are cautioned to consider these and other factors carefully when making decisions with respect to Lightspeed's subordinate voting shares and not to place undue reliance on forward-looking statements. Forward-looking statements contained in this news release are not guarantees of future performance and, while forward-looking statements are based on certain assumptions that Lightspeed considers reasonable, actual events and results could differ materially from those expressed or implied by forward-looking statements made by Lightspeed. Except as may be expressly required by applicable law, Lightspeed does not undertake any obligation to update publicly or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.
For further information: Media Contacts: Canada: Victoria Baker, NKPR - victoriab@nkpr.net; USA: Jennifer Fugel, Newsmaker Group- jfugel@newsmakergroup.com; Lightspeed Media Relations - media@lightspeedhq.com; Investor Relations: Gus Papageorgiou, Lightspeed Investor Relations - investorrelations@lightspeedhq.com
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