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8th September 2016
 

BPS Technology has added a new business stream

 

ASX-listed financial payments company BPS Technology has added a new business stream to its rapidly expanding offering by giving its network of 36,000 small business customers access to business growth finance via a new partnership deal with financier GetCapital.
 
BPS own the world’s largest business-to-business trade exchange known as Bartercard and the disruptive mobile APP known as Bucqi that provides a loyalty platform for customers who are rewarded for ongoing purchases from the same retailer.
 
The company boasts an impressive network of 36,000 small to medium sized business customers, a number that was boosted last month when it acquired Entertainment Publications Australia and New Zealand, the producer of the well-known “Entertainment Book” for $25m.
 
BPS said on Thursday that the partnership agreement, executed between its subsidiary BPS Financial and GetCapital, would allow it to market "tailor made" financial products to its 36,000 merchants via Bartercard, Bucqi and Entertainment Publications.
 
The business finance facilities will initially target growth finance opportunities and working capital requirements of members, the company said.
 
"Through the partnership with GetCapital, BPS will now offer real cash finance as well as trade dollars to support our merchants’ growth." BPS chief financial officer Tony Wiese told the ASX.
Under the terms of the agreement, GetCapital, a fintech that lends to small businesses, will make $100m available over the first year of the deal, while BPS will not carry the loan, risk or any recourse on its balance sheet.
 
BPS will however be paid a commission for each deal undertaken with one of their merchants.
Today’s announcement is the latest in a series of upbeat developments for the Gold Coast based company. In August, it said it was on track to double its revenue to $109m next year, with the acquisition of Entertainment Publications set to help boost FY17E EBITDA by 49%, to $14.2m, according to the company.
 
Earlier this year, BPS inked a deal with Alibaba partner SmartTrans Holdings Ltd to sell products in the potentially super-profitable Chinese market through Alibaba’s e-commerce platform 1688.com.
 
BPS will also now provide insurance products to its 36,000 small and medium sized business members after partnering with international insurance broker, Honan Insurance Group.
It appears to be all systems go at BPS as they seek to further monetise their market leading position as a trusted supplier to so many small and medium sized businesses across the country and around the world.
 
Matt Birney, sponsored content ASX company news – The West Australian on September 8, 2016
Link to full article: https://au.news.yahoo.com/a/32568625/bps-signs-100m-financing-partnership-with-online-small-business-financier/#page1


Source: The West Australian
Published: September 8, 2016 12:00am