SMB SaaS solutions provider AppsVillage Australia Ltd (ASX: APV) is teaming with US-based Seek Capital to provide a unique Capital Micro- Finance service targeting small-to-medium businesses (SMBs) in the US.
APV CEO and founder Max Bluvband said the launch of Capital Micro- Finance services represents the next phase of growth for AppsVillage.
“We are focused on building a fully integrated platform designed to support small-to-medium business (SMB) growth globally and we see this expansion as an important step forward in achieving this goal.”
Mr Bluvband said the agreement with Seek Capital will allow it to provide funding services to the company’s 100,000 plus SMBs across the USA.
Seek Capital provides consulting services and funding procurement to SMBs across the US, working on behalf of the SMB to assist with the application process and obtain the required amount of funding from various third-party sources. To date, Seek Capital has procured in excess of US$300 million in loans for SMBs ranging from US$5,000 to US$500,000.
Mr Bluvband said that under the terms of the agreement, AppsVillage will leverage its network of more than 100,000 SMB’s based in the US to market and generate sales of Seek Capital’s small business funding and funding-related services. Seek Capital’s funding services will also be available to APV’s SMB customer base via the apps they create using the AppsVillage platform.
AppsVillage will be marketing loans of between US$5,000 and US$50,000. All financial products will be approved and provided by Seek Capital or a Seek Capital approved third-party provider. Seek Capital will pay AppsVillage commission equating to 25% of the fee paid to Seek Capital by each customer introduced by AppsVillage.
“This is a significant milestone achievement for AppsVillage demonstrating the company’s ability to deliver on its growth strategy of expanding its product offering to become a leading SMB growth solutions provider. It also provides APV diversified revenue generation and puts the company in a strong position to deliver customer and revenue growth over the coming 12 months,” Mr Bluvband said.
Seek Capital CEO Roy Ferman said it is well known that a lack of capital is a growth constraint for a high percentage of SMBs.
“We are excited to help SMB owners provide the injection of capital they need to capitalize on new opportunities.
AppsVillage is the ideal strategic partner as it has a large and growing base of SMB clients and has built trust and goodwill, and we view the additional capital as the next phase of offering. We are very proud to be able to support its mission to assist its SMB clients.”
