Pollen VC Announces All-New Financing for Underbanked US App Developers
The leading credit line provider to digital SMBs aims to help hundreds of American app developers grow faster
SAN FRANCISCO, June 5, 2019 (Newswire.com) - Pollen VC today announced the launch of its new digital financing facility specifically designed for U.S.-based app developers. The San Francisco-based provider of flexible credit lines for digital economy companies aims to plug the financing gap that thousands of growing but underbanked U.S. app developers experience by payout delays from the major app stores and ad platforms.
Solving the app financing gap
Smaller U.S. app developers are regularly locked out of traditional small business credit sources, which prevents them from funding marketing campaigns on Facebook and Google, the key to their continued growth. Most banks require at least $1 million in monthly revenues to consider providing traditional accounts receivable (AR) credit facilities, as a result of high costs associated with manual sales data verification, leaving some of America’s most promising apps unable to access much-needed capital to grow.
This is where Pollen VC is stepping in, with an all-new flexible credit line product for app developers that typically have to wait up to 60 days to access their app store and advertising revenues from the major platforms. Thanks to its streamlined onboarding process and automated verification of sales data, Pollen VC can work with app developers at a much earlier stage in their lifecycle.
This financing facility will help app developers unlock these otherwise not-yet-accessible app store and advertising earnings by providing fast capital advances against them. Rather than requiring personal liability guarantees, Pollen VC operates on a receivables security guarantee basis.
Serving the needs of the fast-evolving app economy
App developers’ requirements have evolved as the market has matured. They are seeking greater flexibility in the type of financing products they look for in order to give themselves more control over their finances. Primarily, the requirement for flexibility is driven by the need to invest in additional user acquisition for their apps, where opportunities can be seasonal and require rapid access to capital to seize the moment.
“We have responded to the changing app economy by developing our product to further meet these needs,” says Pollen VC co-founder and CEO Martin Macmillan. “There are digital businesses all over America and the world that can become outstanding successes but suffer because of a lack of access to capital. We hope to help as many of these fledgling companies as possible to grow.” Pollen VC is committed to fairness and transparency, with rates beginning at 1.95% per month of the amount advanced, decreasing as volumes grow.
About Pollen VC
Pollen VC is the market leader in the provision of capital-efficient funding for mobile app developers and digital publishers. It has offices in San Francisco and London and works with app developers across the globe.
The company is backed by leading U.S. and U.K. fintech investors, with diverse sources of liquidity spanning private and institutional capital providers. The Pollen VC team includes structured finance professionals, credit experts and engineers with in-depth knowledge of the mobile app, gaming and digital publishing markets and the growth challenges they encounter.
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Source: Pollen VC
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