Square Capital Provides More Businesses Access To Funding Through New Partnership With Upserve
10 Agosto 2016 - 3:00PM
Business Wire
Partnership marks Square Capital’s expansion to businesses
outside of Square's ecosystem
Square (NYSE:SQ) and Upserve today announced a partnership
providing Upserve customers access to fast, flexible, and
straightforward funding for their restaurants through Square
Capital. This is the first time loans through Square Capital will
be available to businesses that operate outside of Square’s payment
processing ecosystem. Working with Upserve, Square will apply its
innovative machine learning models to enable Upserve customers to
select loan offers through Square Capital within their existing
suite of Upserve software purpose built for restaurateurs.
"This partnership with Square further cements our dedication to
helping restaurants thrive in all parts of their business.
Providing our customers access to Square Capital opens up new
opportunities for improvement and growth whether it be in location
expansion, new equipment, or investments in technology that help
modernize their operations. We can't wait to see what our customers
will do with an infusion of fresh capital through our partnership,"
said Dave Hoffman, VP of Business Development at Upserve.
“We are proud to partner with Upserve and offer loans through
Square Capital to even more small businesses who traditionally face
barriers when seeking access to funds,” said Jacqueline Reses, Head
of Square Capital. “Square and Upserve share a passion for
empowering businesses to grow and achieve their goals, and a
crucial component to success is access to capital.”
Access to capital is one of the biggest hurdles in making
business growth a reality, with more than one-third (39 percent) of
small businesses that apply for loans being denied or only
partially funded1. In the U.S., there are over 1 million restaurant
locations of which 9 in 10 have fewer than 50 employees, and 7 in
10 are single-unit operations. With the current restaurant
workforce making up 10 percent of the overall U.S. workforce and
1.7 million more restaurant jobs expected by 2026, providing access
to capital can help drive forward growth and expansion of an
industry that generates more than $780 billion in sales
annually2.
Upserve customers who accept loans through Square Capital will
benefit from a seamless funding experience. Eligible Upserve
customers will receive their loan offers directly within their
Upserve Smart Management Assistant portal. Upon approval, customers
can receive their funds as soon as the next business day. And
repayment is easy: restaurants simply pay a fixed percentage of
their daily sales, with the option to repay early at no additional
fee. Eligible Upserve customers will begin receiving loan offers
through Square Capital in the coming weeks.
Note: All loans are issued by Celtic Bank, a Utah-Chartered
Industrial bank, Member FDIC, located in Salt Lake City, Utah.
Please see your individual offer for specific details.
About Square Capital
Square Capital provides access to funding for small businesses,
enabling them to grow and achieve their goals. Utilizing innovative
machine learning models, Square Capital delivers a seamless funding
experience that addresses the financial needs of small business
owners. Terms are flexible and straightforward, approved funds are
deposited as soon as the next business day, and repayment is
simple. Square Capital complements Square’s integrated ecosystem of
payments, point-of-sale, financial and marketing services.
About Square, Inc.
Square creates tools that help sellers of all sizes start, run,
and grow their businesses. Square's point-of-sale service offers
tools for every part of running a business, from accepting credit
cards and tracking inventory, to real-time analytics and invoicing.
Square also offers sellers financial and marketing services,
including small business financing and customer engagement tools.
Businesses and individuals use Square Cash, an easy way to send and
receive money, as well as Caviar, a food delivery service for
popular restaurants. Square was founded in 2009 and is
headquartered in San Francisco, with offices in the United States,
Canada, Japan, and Australia.
About Upserve
Upserve puts everything restaurateurs need to know in one place,
providing real-time guidance to unlock the power of their menu,
workforce and guest habits. One of the largest and fastest-growing
companies in the restaurant technology space, over 7,000
restaurants use Upserve to manage more than 20 million meals per
month. More than 2% of all U.S. full-service restaurant sales run
on Upserve Payments, which processes over eight billion dollars in
annual volume. Founded in 2009, Upserve is backed by First Round
Capital, Shasta Ventures, Index Ventures, Pritzker Group and
Greylock Partners, among others. Upserve is headquartered in
Providence with additional offices in San Francisco and
Chicago.
1 2015 Small Business Credit Survey; Federal Reserve
2 National Restaurant Association
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version on businesswire.com: http://www.businesswire.com/news/home/20160810005281/en/
Square, Inc.Dan
Mahoneypress@squareup.comhttps://squareup.com/newsorUpserveMelissa
Aitchisonpress@upserve.comhttps://upserve.com/press
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