Tariq added that the partnership with Clearco will offer online merchants “frictionless access” to the capital they need to expand, while letting site owners “stay laser-focused” on building out their brands and making customers happy. “We’re committed to making all aspects of running an eCommerce business streamlined and hassle-free — and that includes getting access to the capital needed to fuel growth,” Omair Tariq, Cart.com CEO, said in a press release emailed to PYMNTS.
In turn, the partnership gives Clearco’s 5,500-plus companies access to Cart.com’s complete eCommerce platform, which offers numerous solutions for online growth.
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Merchants using Cart.com can access Clearco’s services without leaving the Cart.com app, and can tap as much as $10 million in marketing capital within 24 hours. Merchants won’t lose equity or control, and can repay the loan from future revenue earned. Up to $1 million in inventory support is also offered to reduce initial costs and free up cash flow.
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Clearco’s capital products will complement and extend Cart.com’s current financing solutions, which include a marketing credit program as well as a variety of “exclusive growth capital loans.”
“Like Cart.com, we envision a world where founding a business is accessible to everyone, and where founders can access essential capital without having to jump through endless hoops,” said Andrew D’Souza, Clearco CEO. “By partnering with Cart.com, Clearco companies will be able to access the platform’s end-to-end eCommerce engine — including online store technology, integrated fulfillment services and customer service support — to scale their eCommerce growth.”
Launched in 2020, Cart.com offers eCommerce-as-a-Service (ECaaS) and strives to give brands more control over their digital sales journey and customer relationships.
Read more: Clearbanc, Now Clearco, Lands $100M Series C
Clearco, launched in 2015 from Dragons’ Den, Canada’s version of Shark Tank, offers “founder-friendly capital solutions” for eCommerce, mobile apps, and SaaS, according to its website.
NEW PYMNTS DATA: TODAY’S SELF-SERVICE SHOPPING JOURNEY – SEPTEMBER 2021
About: Eighty percent of consumers are interested in using nontraditional checkout options like self-service, yet only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba collaboration, analyzes over 2,500 responses to learn how merchants can address availability and perception issues to meet demand for self-service kiosks.
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