Cross-border payment service provider LianLian Global has brought its platform to the UK to target e-commerce merchants and entrepreneurs.
LianLian Global has its HQ in Hangzhou, China. The fintech firm’s digital payments platform is designed to help UK users sell products and services internationally, and make and receive payments in markets such as China and the US.
It is a competitive payments market in the UK, and companies include Azimo, Braintree (a PayPal service), MoneyGram, Revolut, Small World Financial Services, Token, Western Union, Wise and Zepz.
First launched in the US at the end of Q2 this year, LianLian Global’s payment platform is available on marketplaces including Allegro, Amazon, Fruugo, Google Shopping Actions, Rakuten, Shopify and Walmart.
David Messenger, Executive Chairman, LianLian Global, explains: “Additionally, we are rapidly expanding our service capabilities to help cross-border e-commerce businesses access the funding they need in Q3 to succeed in Q4.”
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In addition to receiving funds from marketplaces, paying suppliers and managing foreign exchange (FX), UK-based entrepreneurs and businesses can access up to £10 million of financing.
LianLian Global cites the Federation of Small Businesses (FSB) to support this financing strategy. The FSB says 9% of small firms applied for finance in Q1 2022, the “lowest proportion since SBI records began”. The share of respondents that saw applications approved (43%) is also at “a record low”.
The fintech company doesn’t mention any names, but it does take a swipe at some of the rivals. LianLian Global says “unlike other prominent providers in the market” customers can use its platform without committing to an annual fee or (in certain countries, including the UK, US, and China) paying to open an account or receive payments. Instead, it charges a fixed 0.5% rate for FX conversion, with “more competitive rates” available to high-volume customers.
LianLian Global has offices in 12 countries and works with 1.4 million e-commerce stores. It owns over 60 licences worldwide. In addition, the company has partnered with financial institutions such as Citi, Deutsche Bank, and JP Morgan to power their solutions.