WorldFirst and RITMO enhance support for SMEs 

The pandemic has brought about radical societal changes to how consumers purchase and sell products. There are more alternative payment methods (APMs) than ever before, the reliance on handheld cash has dwindled and businesses have had to adjust to these behaviours. 

Supporting SMEs as they navigate a turbulent period, fintech and international payment service provider, WorldFirst, has partnered with RITMO to launch a £100 million growth package for e-commerce businesses in the UK. 

The package will utilise cross-border payments infrastructures, enabling customers to engage with free business accounts abroad to pay their beneficiaries in their local currencies, while also being able to collect payments from marketplaces and payment gateways. 

This is combined with access to working capital loans through RITMO, an online growth platform specialised in financial solutions to small businesses that sell online. 

Jeff Parker, CEO at WorldFirst, said: “The UK has the most advanced e-commerce market in Europe, but the growth prospects of these businesses are hampered by complex international banking and payment arrangements and difficulty when sourcing the working capital they need to fund their expansion.  

“The launch of our Growth Package addresses a crucial market need and supports our customers’ global growth ambitions by enabling quick and efficient access to working capital. By working with partners that complement our existing offering, we are delivering our mission to provide a one-stop solution for digital payments and financial services to small and medium-sized business trading internationally.” 

Furthermore, this rapid access and flexible repayment model allows e-commerce companies to scale up during peak or seasonal periods of demand, extend payment terms, improve their cash flow management, or open new sales channels for growth and expansion. Raimundo Burguera, Co-Founder and CEO at RITMO, added: “We are very excited to partner with WorldFirst and contribute towards the launch of this Growth Package. This will enable online and e-commerce sellers in the UK to improve their operations and scale their businesses through the combined value proposition of fair and easy access to working capital, international payments and FX.”