2 minute read
We're happy to announce that we've partnered with the UK-based eCommerce finance provider, Outfund, from June 2021.
What is Outfund?
Outfund the UK’s largest eCommerce investor that provides anywhere from £10K to £2M in funding. They are a revenue-based finance startup that helps businesses grow without giving away equity.
The founders know the costly or dilutive struggles of raising money through conventional means like bank loans or with Venture Capital.
Outfund has received over £100M in investments and has been featured in Forbes, TechCrunch, Sky News, BBC News, and more. They’ve already invested in 100s of eCommerce brands.
How does it work?
Outfund doesn’t give loans, but cash advances. After your business is approved, there is a set fee (usually 6%) that is repaid over a period of months as a percentage of your revenue. The fee stays the same, even if it takes a bit longer than expected to repay the original amount. For example, if you need a £100k advance, it will cost £106k in total to repay.
The requirements are pretty simple:
- Have an eCommerce store
- Be registered in the UK and trading for at least 6 months
- Have a monthly turnover of at least £10K
- Have Open Banking
"This low-risk growth capital funding option provides the firepower for building longer-term sustainable growth. Our smart tech ensures that this capital is automatically invested in the activities that deliver the highest returns in order to accelerate growth."
Why are we partners?
Optily helps businesses grow by ensuring their ad budget is spent in the right place at the right time. We understand that sometimes small businesses might be a bit strapped for cash, meaning their ads simply don’t have as much capital behind them to reach their true potential.
Enter Outfund. They can help eCommerce businesses with a cash advance to jumpstart their advertising efforts. This, combined with Optily’s tech, can unlock huge returns and business growth.
As a result of this partnership, we’ve launched the Optily Advance scheme. This scheme enables qualified eCommerce companies in the UK to apply for capital through Outfund and get the Optily self-serve software free for three months.
Commenting on the new partnership, Optily’s CEO Brandan Hughes says, “We’re on a mission to give high-growth eCommerce brands back control of their investments in digital marketing. Optily’s unique combination of growth technology and capital is the ultimate solution for rapidly scaling digital brands.
This low-risk growth capital funding option provides the firepower for building longer-term sustainable growth. Our smart tech ensures that this capital is automatically invested in the activities that deliver the highest returns in order to accelerate growth.”