Earlypay partners with global FX giant to offer unique proposition to SME brokers

by Mike Wood22 Jul 2021

Specialist SME lender Earlypay has struck a deal with one of the biggest names in global foreign exchange to offer commercial brokers the chance to play both sides of the aisle.

They will partner with Ebury to allow commercial brokers to present a united option to small business clients who need assistance on both domestic and international financing.

“Earlypay are a fantastic company and are primarily a lender, so they’ll be enhancing their offering to their clients, using a Powered by Ebury FX solution,” said Rick Roache, Managing Director of Ebury Asian Pacific.

“We’re the market leader in the tech-led white label solution and we’ve partnered with Earlypay, who are a very compatible business.”

“That’s one side: the other side is that we handle FX, which is our primary native business, but we also offer trade finance. So when clients come to us and they don’t fit within our perfect product limits, this can enhance our offering because we can refer clients over to Earlypay, where they are stronger.”

The partnership could be particularly strong for brokers who are working with SME clients with international business, especially when that requires dealing with multiple currencies.

By using Earlypay, who were recently added to the panel at Lend.com.au, they will also gain access to Ebury’s capabilities.

“We’re the world leader in working with SMEs who are trading internationally, and all of our solutions go into solving those problems,” said Roache. “Earlypay clients are SMEs, and that’s why we share the same client base.”

“We have deviance and variations within that, but we’re looking to help them grow internationally as well, by leveraging our infrastructure. On the flip side, we often get clients who have an element of international exposure, but have domestic supply chains, so we’ll be doing the FX angle and Earlypay will be doing the domestic invoice financing angle.”

Brokers could potential greatly expand their offering by both companies’ services to their clients.

“The key thing for brokers is that we’re covering higher range of revenue making streams,” said Roache. “If they’re referring clients to Earlypay, but who also do FX, then that’s now being monetised.”

“Before, it wouldn’t have been. Brokers are getting paid, and this is catching a higher wallet share. It catches a semi-invisible monetisation of the client that brokers typically don’t notice, because they didn’t know there was a channel for it.”

“Ebury use the broker network as well, and it gives us the chance to expand in the way that we monetise our clients.”

“If I’m a broker, I’m seeing that there’s more opportunity to make more money from each client, which is a good plus, but also there’s more stickiness with the client because there’s now a wider proposition. It’s a more compelling argument for more clients to be using the combination of Earlypay and Ebury.”