Growth Street has added an application to the Xero Marketplace. GrowthLine delivers an overdraft alternative for small businesses. It can provide up to £2 million of working capital to improve cash flow.
Edward Berks, Xero’s EMEA Director, Business Platform, commented: “We’re very happy that Growth Street are live on Xero’s business marketplace. Greg and the team have built a really differentiated product in GrowthLine, and we’re excited to give more businesses the opportunity to access a different kind of funding through our platform.”
Xero customers using GrowthLine will see those transactions reconciled in real-time within their Xero solution. This removes the administration burden, eliminating errors that could prove costly.
Enterprise Times: What does this mean
Xero continues to provide innovative solutions for small businesses through its expanding network of financial partners. It added three last year – Iwoca, DueCourse and MarketInvoice. The latter provides invoice factoring. This is an area where, in the UK, Xero seems to have taken the lead over both QuickBooks and Sage. Its competitors both have invoice factoring apps in their marketplace, but not business loans. This is something that they should consider.
At present, neither Iwoca or GrowthLine appear to have integrations to QuickBooks or Sage yet. However, Sage does have Capitalise and SpotCap available for Sage Business Cloud Accounting and Sage Accounting respectively.