BARCELONA, 10 JANUARY, 2023: YouLend, the leading global embedded finance platform, has announced a groundbreaking partnership with the Spanish multicategory platform Glovo to deliver a revenue-based, flexible financing programme for restaurant and hospitality customers across Spain.
With this partnership, Glovo restaurant partners can apply for funding from €1000 to €1 million, depending on their monthly sales volumes, through their existing Glovo business accounts.
Restaurants that have been in business for atleast 3 months and have a minimum of €1000 in POS revenue are eligible to apply. Once accepted, businesses pay a single fixed fee and repay with a small percentage of their future sales. Repayment is only required when restaurants make sales, protecting businesses during quieter periods.
“Supporting local businesses is core to YouLend's mission. We are delighted to partner with Glovo to provide small and medium-sized restaurants with fast, flexible, and affordable financing,” commented Ariam Rodríguez Pou, Spain Country Head at YouLend. “Glovo’s customers can now access the capital they need to protect and boost their businesses in the face of the high cost of living.”
The partnership comes as the financing gap in the Euro area is widening - according to the ECB, 1 in 4 (26%) companies across the region cite access to finance as a significant concern to their business. The capital injection is available to spend on any business purpose. Whether restaurants are stocking up, hiring new personnel, opening new franchises, or simply looking to boost their cash flow, the new partnership will ensure they can access the funds they need when they need them most.
Inés Jaén, Area Manager at Glovo said, “At Glovo, we are committed to the restaurants and shops that collaborate with us, and our strategy is to become the best digital ally for restaurants, enabling new opportunities to keep growing the market together. This partnership with YouLend is going to build on our mission of enabling local restaurants to grow and thrive.”
Recently, YouLend announced a major milestone in its mission to enable all (small and medium-sized enterprises) SMEs to grow to their full potential. The company celebrated the provision of 150,000 instances of funding to SMEs across the UK, EU, and the US since its launch in 2015. It’s estimated that YouLend-backed SMEs have experienced a 26% uplift in sales in the six months following funding, contributing £6.8 billion in revenue to the GDP across YouLend’s core markets.
Glovo operates in 25 countries around the globe and +1,500 cities. With technology at the core of Glovo’s business, the company is committed to creating innovative solutions by connecting customers and businesses