SAN JOSE, Calif., Aug. 5, 2020 /PRNewswire/ -- eBay is
partnering with LendingPoint to launch a new program that will give
eBay sellers in the U.S. access to funding to help grow and sustain
their businesses. The program, eBay Seller Capital powered by
LendingPoint, is compatible with payments managed by eBay and
will unlock opportunities for individuals and businesses to obtain
financing, providing eligible sellers with a fast, flexible and
transparent funding experience.
"We're committed to empowering entrepreneurs to make their
dreams a reality, and we are continuing to partner with our sellers
to provide them with the tools they need to thrive," said
Alyssa Cutright, Vice President of
Global Payments at eBay. "We're excited to make flexible financing
options available that are integrated with our new payments
experience. The program with LendingPoint will enable critical
funding opportunities for eBay sellers, especially during this time
of economic uncertainty."
"LendingPoint's purpose is to accelerate and democratize
commerce," said Tom Burnside, CEO
and Co-Founder of LendingPoint. "We are thrilled to be able to use
the data and technology we have built into our platform to help
eBay sellers achieve their dreams. eBay sellers are some of the
world's most dynamic ecommerce players and our Loan Operating
System will help them access the financial tools they need to
achieve even greater success with their businesses."
eBay sellers who work with LendingPoint in the pilot program can
obtain quick decisions and access to installment loans. This
program will be offered with flexible terms of up to 48 months to
allow sellers to choose the best option for their specific budget
needs, and lower repayment plans as part of the longer terms.
LendingPoint will not charge origination fees or early payback
fees. In the future, through this partnership, eBay and
LendingPoint aim to expand their offering to provide eBay sellers
with more tools to help run their businesses.
eBay Seller Capital powered by LendingPoint is rolling out now
as a pilot program with select sellers and will be available to all
eligible sellers in the U.S. later this year. During the initial
launch, eligible sellers may receive up to $25,000 in funding in as little as one business
day.
About eBay
eBay Inc. (Nasdaq: EBAY) is a global commerce leader that
connects millions of buyers and sellers around the world. We exist
to enable economic opportunity for individuals, entrepreneurs,
businesses and organizations of all sizes. Our portfolio of brands
includes eBay Marketplace and eBay Classifieds Group, operating in
190 markets around the world.
About LendingPoint
LendingPoint is a data and technology platform that enables
origination of unsecured personal loans for financial institutions
and for its own balance sheet. The company uses its data algorithms
and technology to create better lending and borrowing experiences
by finding more reasons to say "yes" — democratizing credit across
the credit spectrum by unlocking access to affordable loans. Its
LendingPoint Merchant Solutions platform provides e-commerce
platforms and merchants and other service providers a fully
integrated, one-stop financing solution to accelerate commerce by
providing sellers with financing and also converting more customers
at the point of sale. Its SDKn™ enables seamless integration of the
entire LendingPoint Loan Operating System in apps and ecommerce
platforms with just a few lines of code.
In 2019, LendingPoint placed 17th on Inc. 5000's list of
fastest-growing private companies in the US; ranked 9th on
Deloitte's 2019 Technology Fast 500; and the company's CEO
Tom Burnside was chosen as
Entrepreneur of the Year Finalist Southeast by EY. LendingPoint was
named in 2018 one of the nation's best consumer loan companies by
U.S. News & World Report, one of the Best Personal Loans by
NerdWallet, and the fastest-growing private company in metro
Atlanta by the Atlanta Business
Chronicle. LendingPoint is a privately held company headquartered
in Kennesaw, Ga., with offices in
New York and Nevada.
Forward-Looking Statements
This announcement contains forward-looking statements relating
to, among other things, the future events and future performance of
the company and reflects, among other things, eBay's expectation
regarding the anticipated benefits of the company's partnership
with LendingPoint.
Forward-looking statements involve risks and uncertainties which
may cause actual results to differ materially from the statements
made. Factors that could cause or contribute to such differences
include, but are not limited to: changes in political, business and
economic conditions, any regional or general economic downturn or
crisis and any conditions that affect ecommerce growth or
cross-border trade; the timing and possible outcome of this
initiative; and the possibility that it may take the company longer
than expected to fully realize any anticipated benefits of the
initiative, and those benefits may ultimately be smaller than
anticipated or may not be realized at all.
More information about factors that could affect the company's
operating results is included under the captions "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in the company's most recent Annual Report
on Form 10-K and subsequent quarterly reports on Form 10-Q, copies
of which may be obtained by visiting the company's Investor
Relations website at https://investors.ebayinc.com or the SEC's
website at www.sec.gov. All information in this release is as of
August 5, 2020. Undue reliance should
not be placed on the forward-looking statements in this press
release, which are based on information available to the company on
the date hereof. The company assumes no obligation to update such
statements.
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SOURCE eBay Inc.