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Lightspeed Builds on Financial Services, Expanding Lightspeed Capital in the U.S.

Lightspeed Capital

Lightspeed Capital expands in hospitality and retail verticals, increasing qualified merchants by integrating recent acquisitions

Lightspeed Commerce Inc. (NYSE: LSPD) (TSX: LSPD), the one-stop commerce platform for merchants around the world to simplify, scale and create exceptional customer experiences, today announced the expansion of its popular Lightspeed Capital program. This expansion means the Lightspeed Capital program is now available to eligible U.S. customers along with recently integrated merchants from the acquisitions of Upserve, ShopKeep, and Vend. This latest expansion increases the portion of Lightspeed’s merchant customer base to whom the offering is available by approximately 40%. Lightspeed currently anticipates further expanding the offering to retail and hospitality customers in APAC by the end of 2021.

Independent businesses continue to face barriers when trying to obtain capital. The expansion of Lightspeed Capital provides rapid access to funds, often as soon as the next business day. Lightspeed Capital is an extension of Lightspeed Payments, and this expansion puts Lightspeed in an opportune position to grow in international markets where it has successfully launched Payments. Lightspeed also aims to accelerate growth of its financial services to the Supplier Network (expanded via its acquisition of NuOrder). This next step will allow Lightspeed to power and integrate even more key business needs from a single commerce solution.

“Local businesses are the backbone of our communities, and Lightspeed’s goal is to make owning a successful independent business easier than ever. We believe real-time access to capital is one of the largest challenges facing independent merchants today,” said Lightspeed’s GM of Global Payments Jona Georgiou. “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 as we approach the holiday shopping season all through a single, integrated commerce solution.”

With economies reopening, it’s crucial for independent merchants to have access to liquid funds. Lightspeed Capital provides flexibility, supplying cash when merchants need it. As the company continues to integrate products and customers from its recent M&A activity, Lightspeed Capital will continue to expand, offering a leg up to merchants around the world.

Lightspeed Capital is offered seamlessly through the Lightspeed Commerce platform, and can be used for any business-related expense such as new equipment, inventory, or staffing. Lightspeed Capital is not a loan, so applying does not affect the credit of the merchant. Merchants pay back a set percent of daily sales, so they pay more when the sale volumes are higher and lower as things slow down. The cost to a merchant never changes regardless of how long it takes to pay back the cash advance.

“When I first learned about Lightspeed Capital, it sounded good: easy approval, low fee, easy repayment terms,” said Melissa Wilsman, owner of The Groom Room. “The money was in my checking account the very next day. I couldn’t believe it. I was able to purchase new inventory that I had been on the fence about due to possibly running thin on operating capital. If I’m in need of some extra funds in the future, Lightspeed Capital will be my only go-to.”

This sentiment was echoed by Aarf Pet Central owner Susan Leisure: “Lightspeed Capital has been fantastic for us. It has allowed us to have a large influx of funds to increase our inventory at strategic times during the year. We have also used it for larger equipment purchases. We don’t have to worry about budgeting to make a payment every month, and it’s so much more reasonable than other capital loans or credit cards.”

View the press release here.

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