Crossflow Payments signs up leading electronics retailer Maplin

  • Three year deal provides Crossflow with opportunity to fund £360 million of SME payables
  • Deal has potential to improve access to working capital for over 100 SME suppliers
  • Partnership builds upon Crossflow’s strong track record in the retail sector
  • Announcement follows recent investment in Crossflow from Calibrate Partners

Crossflow Payments (Crossflow), the technology driven alternative finance platform delivering innovative supply chain finance solutions, has signed up Maplin Electronics Ltd (Maplin), the UK’s number one specialist technology retailer, to its payment finance platform in a three year deal.

The deal enables Maplin’s suppliers with the flexibility to access outstanding payments instantly and provides Crossflow with the potential to fund up to £360 million of payables over a three year period. The partnership with Maplin builds upon Crossflow’s strong track record in the retail sector and takes the total amount of payables the business can potentially fund to £2.4Bn.

The announcement comes at the start of a milestone year for Crossflow as its capacity to scale and rapid rollout becomes an increasingly attractive proposition. It also builds on the recent investment from Calibrate Partners, which has taken a 10% equity stake in the business, and highlights the growth potential in the supply chain finance market as a result of reductions in bank lending.

With many high-street retailers expecting a challenging 2017, Crossflow’s innovative supply chain finance solution will allow suppliers to enable investment by increasing their working capital whilst providing corporates with the opportunity to strengthen their supply chain in tough market conditions.

Commenting, Tony Duggan, Chief Executive of Crossflow Payments said: “We’re delighted to have the opportunity to partner with Maplin and to further build on our successes in the retail sector. The appeal of our innovative approach to supply chain finance is testament to the benefit it brings to both corporates and their suppliers. The ability to access finance quickly can often help fuel growth and we look forward to supporting more businesses as they seize new opportunities.”

Lindsey Dunsmuir, Chief Financial Officer at Maplin said: “Crossflow’s innovative solution is one that can deliver real benefit to our suppliers and we’re proud to be able to provide access to finance quicker than ever before. We’ve been hugely impressed with the expertise of the Crossflow team and the ease at which the platform has been integrated to our own systems. We look forward to working with them as we further strengthen our supply chain whilst supporting the growth of UK SMEs.”

Crossflow Payments is a technology driven alternative finance platform delivering an innovative supply chain finance solution to large corporates and their suppliers. Its unique payment platform improves working capital for businesses whilst providing SMEs with instant access to finance against their outstanding invoices without the need for onerous personal guarantees. Crossflow Payments is backed by a range of sophisticated institutional investors providing significant firepower, enabling it to play a crucial role in helping UK businesses seize opportunities for growth. The business is a founding member of International Association of Alternative Finance and an effective industry ambassador setting voluntary standards on a range of issues including cyber security, fund segregation, payment authentication and staff vetting.

Maplin has more than 40 years’ experience of bringing affordable tech solutions to consumers throughout the UK. With a growing online presence, its website offers more than 30,000 products along with advice through live chat and helpful videos. With more than 200 stores in the UK and Ireland, its store staff are experts on the innovative products it sells and can offer invaluable advice to help provide tech solutions to everyday problems. The company is based in Rotherham, South Yorkshire and its CEO is Oliver Meakin.