Money transfer service Western Union (NYSE: WU) announced earlier this month that its cross-border payments and foreign exchange risk management division, Western Union Business Solutions, has formed a new partnership with October, European lending platforms for small and medium enterprises (SME) to support international expansion and cash flow optimization.
The duo reported that through the partnership clients of Western Union Business Solutions should now have direct access to October’s credit offerings, including nearly 16,000 lenders through the marketplace lending platform. Companies already funded on October will benefit from Western Union Business Solution’s expertise in cross-border payments and take advantage of the knowledge of specialists in foreign currency transactions and currency risk management.
While sharing more details about the partnership, Frédéric Simon, Vice President Europe at Western Union Business Solutions, stated:
“This new collaboration will enable our clients to access personalized financing solutions to strategically grow their businesses internationally with an alternative solution beyond their traditional bank. Teaming up with October strengthens our benefits to customers.”
Olivier Goy, Founder and CEO of October, went on to add:
“Financing business development is our core business, especially when they decide to export or internationalize their operations. Western Union Business Solutions is a natural partner to offer our service. We are delighted to start this collaboration in France and Italy.”
This partnership between Western Union Business Solutions and October is currently available in France and Italy and is expected to expand to other European countries in the future.