Santander, a famous Spanish bank, will work with eBay to use the Asto app to provide loans to small businesses to sell their products on the platform.
In fact, the Asto app that has been backed by the Santander bank will allow over 200,000 small businesses to boost their business by providing loans. Using the app, companies will be able to check all sales and consumer statistics, which are essential for any company that sells a product or service to improve and consequently invest in the weakest sector.
The CTO of Asto, Sigga Sigurdardóttir, explained:
“Working with eBay Astro will empower small business owners with secure access to funds in a matter of minutes from their phone, versus traditionally several weeks”.
The thesis is also confirmed by Paolo Levoni, COO of eBay:
“Our partnership with Astro is designed to help our business sellers efficiently access cash loans to help them expand and manage cashflow – our latest step in helping small businesses in the UK to thrive”.
For the moment the service will be concentrated only in Great Britain, and that’s to have a territorially limited project to study and verify all data relating to both the application and loans, trying to improve the offer. Another reason is that Santander at the end of 2018 has made another important partnership with Ripple regarding the app OnePay FX, an app that allows you to transfer money in the world, thanks to the xCurrent technology of Ripple.