Around 99% of all businesses in the UK are classed as SMEs, yet they face significant funding challenges exacerbated by high operating costs and slow revenue recovery.
The UK's traditional lending system presents challenges for SMEs due to extensive documentation and stringent lending criteria, causing a decline in funding success rates.
PayPal has significantly contributed to closing the £2.5 billion funding gap for UK SMEs through its PayPal Working Capital solution, providing flexible access based on sales history.
Four in ten SMEs now prefer fintech lenders over traditional banks when seeking financing, as they offer more accessibility and adaptability in the face of rigid bank conditions.
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