BPS Technology Ltd (ASX:BPS) has launched a new business finance product to support and enable its small and medium enterprises (SME) merchant partners.
More than 36,000 SMEs transact in excess of $600 million per annum using BPS’ software and trade exchange technology platforms.
The company has executed a new agreement with Get Capital Pty Ltd, a fintech lender, which will make available a range of finance products to BPS’ 36,000 merchants.
As part of the agreement, GetCapital will provide up to $100 million over the initial year of the agreement to support the partnership.
BPS Financial Ltd, a subsidiary of BPS Technology, will market the tailor-made finance products to its merchant base.
Importantly, BPS will not carry the loan, risk or recourse on its balance sheet.
The company will receive an upfront and ongoing commission on all transactions, which will commence from 1 November 2016.
BPS earned a net profit after tax of $7.34 million for FY2016, with revenue increasing to a record level of $50.2 million.
This has allowed the company to consistently reward investors, paying out dividends of $0.0325 in September 2015, $0.0225 in March 2015, $0.02 in April 2016 and $0.02 to be paid out in October.
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