Payment services provider Mollie has launched a new service which gives UK SME merchants access to rapid funding.

The service, called Mollie Capital, has already provided loans exceeding €50 million to over 5,000 SMEs in the Netherlands, Belgium and Germany

The payment firm said that as UK SMEs are “underserved” by traditional lenders, the new service is designed to give them access to up to £250,000 without producing financial data, going through a long application process, or waiting for the funds should they be approved.

“Mollie Capital is our first financial service to launch in the UK - the first of many designed to eliminate financial bureaucracy for SMEs,” said Mia Hunter, managing director of Mollie UK. “For too long, small and mid-size UK merchants have been neglected by incumbent payment services providers, lenders and banks as they just don’t invest in the simplicity and flexibility SMEs need to manage their finances.”

In November last year Mollie was granted a Payment Institution licence in the UK by the Financial Conduct Authority (FCA).

Mollie was previously operating under the Temporary Permissions Regime for EU-based financial services firms, which was launched following Brexit.

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