Pioneering tech company Foodhub has announced a new partnership with embedded finance leader, YouLend in a bold effort to support its partner restaurants and takeaways in their battle against the cost of living crisis.
Thousands of small and medium-sized businesses have been stretched like never before this year, with inflation, supply-chain issues and workforce challenges causing widespread problems.
That’s why Foodhub, one of the UK’s cutting-edge tech companies, is now offering its partner restaurants and takeaways additional support – through embedded finance.
YouLend provides innovative financial solutions, leveraging cutting-edge technology and forward-looking data sources to enable platforms like Foodhub to provide fast, flexible and most importantly, competitive financing to businesses struggling with cash flow, – all within a platform they already know and trust.
As a non-banking facilitator, YouLend is able to offer zero-interest merchant cash advances for an upfront, fixed fee, to small and medium-sized businesses which are more likely to have been turned away by big banks.
Repayments are made according to a predetermined percentage of a restaurant or takeaway’s weekly card takings, so businesses repay more on busy weeks and less on slower ones.
Meanwhile, YouLend bases financing amounts on client performance, instead of interest rates,– allowing businesses to budget effectively.
Foodhub’s partner restaurants and takeaways can spend this additional funding on anything from inventory purchases to marketing investments, and everything in between.
Foodhub CEO Ardian Mula was inspired to launch the partnership as part of the firm’s ongoing commitment to its partners and a desire to provide innovative solutions to combat the cost of living crisis.
He added: “Times are tough for many businesses, with the cost-of-living crisis causing widespread problems, but we want our takeaway and restaurant partners to know that we are here for them.
“That’s why we’re so excited to announce our new partnership with YouLend, which will give our restaurants and takeaways access to innovative financial solutions through flexible funding.
“We’re positive that this ethical financial support will help a number of our partners navigate these choppy financial waters – allowing them to come out stronger than ever on the other side.”
Kasper Larsen, co-CEO at YouLend, said: “We are delighted to be partnering with Foodhub and eager to start supporting the company’s partners.
“Inflation is putting everyone under pressure, but it is hitting SMEs in particular from multiple angles, as their supply costs are rising faster than their sales. On top of that, SMEs are facing exclusion from traditional finance providers because of outdated approaches to risk assessment.
“We’re here to help, offering financial solutions that will help Foodhub’s partners in the short and long term.”
Foodhub’s partnership with YouLend comes just after the launch of a new company initiative called Love Local, which will see restaurants and takeaways providing free meals to local charities.
The scheme pledges that once a takeaway/restaurant receives a certain number of orders via the ordering platform, Foodhub will pay for a hot meal from one of its restaurant or takeaway partners and donate it to a chosen charity within the local community.