Lightspeed Capital expands in hospitality and
retail verticals, increasing qualified merchants by integrating
recent acquisitions
MONTREAL, QC, Oct. 22, 2021 /PRNewswire/ - Lightspeed
Commerce Inc. (NYSE: LSPD) (TSX: LSPD), the one-stop commerce
platform for merchants around the world to simplify, scale and
create exceptional customer experiences, today announced the
expansion of its popular Lightspeed Capital program. This expansion
means the Lightspeed Capital program is now available to eligible
U.S. customers along with recently integrated merchants from the
acquisitions of Upserve, ShopKeep, and Vend. This latest expansion
increases the portion of Lightspeed's merchant customer base to
whom the offering is available by approximately 40%. Lightspeed
currently anticipates further expanding the offering to retail and
hospitality customers in APAC by the end of 2021.
Independent businesses continue to face barriers when trying to
obtain capital. The expansion of Lightspeed Capital provides rapid
access to funds, often as soon as the next business day. Lightspeed
Capital is an extension of Lightspeed Payments, and this expansion
puts Lightspeed in an opportune position to grow in international
markets where it has successfully launched Payments. Lightspeed
also aims to accelerate growth of its financial services to the
Supplier Network (expanded via its acquisition of NuOrder). This
next step will allow Lightspeed to power and integrate even more
key business needs from a single commerce solution.
"Local businesses are the backbone of our communities, and
Lightspeed's goal is to make owning a successful independent
business easier than ever. We believe real-time access to capital
is one of the largest challenges facing independent merchants
today," said Lightspeed's GM of Global Payments Jona
Georgiou. "This expansion of Lightspeed Capital provides a
simple, streamlined opportunity for our merchants to invest in
their business. Our goal is to help turbocharge their operations as
we approach the holiday shopping season all through a single,
integrated commerce solution."
With economies reopening, it's crucial for independent merchants
to have access to liquid funds. Lightspeed Capital provides
flexibility, supplying cash when merchants need it. As the company
continues to integrate products and customers from its recent
M&A activity, Lightspeed Capital will continue to expand,
offering a leg up to merchants around the world.
Lightspeed Capital is offered seamlessly through the Lightspeed
Commerce platform and can be used for any business-related expense
such as new equipment, inventory, or staffing. Lightspeed Capital
is not a loan, so applying does not affect the credit of the
merchant. Merchants pay back a set percent of daily sales, so they
pay more when the sale volumes are higher and lower as things slow
down. The cost to a merchant never changes regardless of how long
it takes to pay back the cash advance.
"When I first learned about Lightspeed Capital, it sounded good:
easy approval, low fee, easy repayment terms," said Melissa Wilsman, owner of The Groom Room. "The
money was in my checking account the very next day. I couldn't
believe it. I was able to purchase new inventory that I had been on
the fence about due to possibly running thin on operating capital.
If I'm in need of some extra funds in the future, Lightspeed
Capital will be my only go-to."
This sentiment was echoed by Aarf Pet Central owner
Susan Leisure: "Lightspeed Capital
has been fantastic for us. It has allowed us to have a large influx
of funds to increase our inventory at strategic times during the
year. We have also used it for larger equipment purchases. We don't
have to worry about budgeting to make a payment every month, and
it's so much more reasonable than other capital loans or credit
cards."
About Lightspeed
Powering the businesses that
are the backbone of the global economy, Lightspeed's one-stop
commerce platform helps merchants innovate to simplify, scale and
provide exceptional customer experiences. Our cloud commerce
solution transforms and unifies online and physical operations,
multichannel sales, expansion to new locations, global payments,
financial solutions and connection to supplier networks.
Founded in Montréal, Canada in
2005, Lightspeed is dual-listed on the New York Stock Exchange
(NYSE: LSPD) and Toronto Stock Exchange (TSX: LSPD). With teams
across North America, Europe and Asia
Pacific, the company serves retail, hospitality and golf
businesses in over 100 countries.
For more information, see www.lightspeedhq.com
Follow us on social media: LinkedIn, Facebook, Instagram,
YouTube, and Twitter
Forward-Looking Statements
This news release may include forward-looking information and
forward-looking statements within the meaning of applicable
securities laws ("forward-looking statements"). Forward-looking
statements are statements that are predictive in nature, depend
upon or refer to future events or conditions and are identified by
words such as "will", "expects", "anticipates", "intends", "plans",
"believes", "estimates" or similar expressions concerning matters
that are not historical facts. Such statements are based on current
expectations of Lightspeed's management and inherently involve
numerous risks and uncertainties, known and unknown, including
economic factors. A number of risks, uncertainties and other
factors may cause actual results to differ materially from the
forward-looking statements contained in this news release,
including, among other factors, those risk factors identified in
our most recent Management's Discussion and Analysis of Financial
Condition and Results of Operations, under "Risk Factors" in our
most recent Annual Information Form, and in our other filings with
the Canadian securities regulatory authorities and the U.S.
Securities and Exchange Commission, all of which are available
under our profile on SEDAR at www.sedar.com and on EDGAR at
www.sec.gov. Readers are cautioned to consider these and other
factors carefully when making decisions with respect to
Lightspeed's subordinate voting shares and not to place undue
reliance on forward-looking statements. Forward-looking statements
contained in this news release are not guarantees of future
performance and, while forward-looking statements are based on
certain assumptions that Lightspeed considers reasonable, actual
events and results could differ materially from those expressed or
implied by forward-looking statements made by Lightspeed. Except as
may be expressly required by applicable law, Lightspeed does not
undertake any obligation to update publicly or revise any such
forward-looking statements, whether as a result of new information,
future events or otherwise.
Media Contacts:
Victoria
Baker
NKPR
victoriab@nkpr.net
Cydoney Curran
NKPR
cydoney@nkpr.net
Lightspeed Media Relations
media@lightspeedhq.com
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SOURCE Lightspeed Commerce Inc.