It's not always easy to run an ecommerce business. What if you wish to advance significantly and grow?
Without a sizable cash surplus, scaling your business might be difficult even with consistent sales. So how do you secure the money you need to expand your store?
Well, ecommerce funding platforms come into play here.
They provide handy ways to get extra money, which you can use to increase inventory, advertise your business, and recruit more staff.
Some systems even offer networking, analytics, and marketing tools and services to help you develop.
So, if you are looking for the best Clearco alternatives, you are in the right place.
Clearco has recently left the European market, and its funding is only available for a corporation or limited liability company incorporated in the USA within the following industries:
Also, if you wish to apply for a loan, you must have a monthly revenue greater than $10k for the past six months. Additionally, Clearco requires a daily repayment schedule.
So, if you don't fall into this criteria, don't worry.
Let's look at some of the best Clearco alternatives currently on the market.
Industry: Ecommerce,SaaS, subscription, D2C, mobile apps
Amount of funding: €10,000 to €2,500,000
Best for: Small and medium-size businesses
Myos is an asset-based finance provider offering product-based financing deals to different retailers.
Sellers receive financial assistance when placing product orders, and inventory acts as collateral.
Myos is appropriate for cross-financing, warehousing, and purchasing. Repayments are made upon sales generation and are not subject to fixed fees, installments, or payment schedules.
The concept allows for larger quantities and prevents buying obstacles.
Myos has features that set it apart from traditional finance, such as:
Funding applications typically take five to ten minutes, and applicants may anticipate rapid evaluations, usually between 24-72 hours.
Once the contract is signed, regular product orders can be placed. In addition, Myos will create a financial account following the items' delivery, manufacturing, or shipment.
To get access to your collateralized goods, you need to repay a portion of your loan back to release the equivalent amount of inventory. The process repeats until the finance arrangement is resolved, at which point Myos will release other products.
This technique lowers individual risk and promotes faster trading growth.
Working capital loans range from £10,000 to £2,500,000, with monthly fees ranging from 1% to 3% of the total borrowed amount.
The eligibility requirements are the following:
Based on the evaluation of your product's data, such as pricing history, competition, visibility, etc., an artificial intelligence calculates the volume of financing and interest rate.
The financing volume might be lower or larger because it is not based on the purchase price.
Industry: Ecommerce, SaaS
Amount of funding: £1k to £1m.
Best for: Small businesses
Intending to offer ethical and accessible financing to small businesses, Liberis is another Clearco alternative.
Liberis offers adaptable integrated finance platforms and financial solutions to partners, including banks, acquirers, brokers, and ecommerce platforms.
They offer highly individualized and easily accessible funding, enabling small company customers to increase their income.
With more than 15 international key partners and direct access to more than 1 million small businesses, Liberis has funded more than 45,000 transactions totaling around $1 billion.
Whether you're seeking to restock, invest in marketing, or take advantage of new prospects, you can access funds between £1k to £1m.
You only pay when your customers pay you since payments depend on your business's cash flow.
To get funded by Liberis, you must meet the following criteria:
Depending on your credit profile at the requested time, amounts and prices may change.
Industry: Ecommerce / D2C business
Amount of funding: Up to £10M.
Best for: Small to medium businesses
Bloom is a U.K.-based startup platform that differs from other Clearco alternatives by offering a unique pricing model and "pay-as-you-go" features.
Bloom enables founders to concentrate on business operations, gain strategic flexibility, and boost leverage during equity discussions by decreasing the requirement for equity.
With founder-friendly finance and growth-enhancing technologies, this platform aids digital brands in realizing their full potential.
Bloom analyzes your sales information and financial records to provide quick, flexible, and reasonably tailored growth finance.
They will check your eligibility when you connect your accounts and deliver an offer suitable for your company.
Once authorized, you'll receive financing immediately and only have to repay it when you receive payments from your customers.
Bloom typically needs the following for funding:
Bloom fees typically start at 4%, which might cost as low as £10 daily (depending on the authorized amount).
In addition, interest, application costs, arrangement fees, and early departure fees are all waived.
Amount of funding: Upon Request
Best for: US-based online stores
8fig is an ecommerce financing platform that offers planning and finance solutions for scaling and achieving fast growth for ecommerce sellers.
By providing its clients with only one plan, the Growth plan, 8fig streamlines the finance process.
As the demand for your product increases, they built this approach to facilitate quick scalability. The growth strategy offers:
Based on their development trajectory, revenue estimates, and supply chain analyses, this platform gives ecommerce businesses access to cash.
It uses artificial intelligence (AI) to analyze your financial data and sales performance to create personalized Growth Plans tailored to your company's unique circumstances.
8fig is different from other Clearco alternatives.
It gives a consistent cash flow rather than one-time payments.
Considering several important company criteria, 8fig also forecasts how your sales will develop within the Growth Plan's covered time (and beyond).
8fig provides a comprehensive insight into each product's lifetime, including deposits, balance, freight, logistics, and marketing, by classifying costs into distinct supply chain "lines."
It advises business owners on preparing and modifying their budgets for unforeseen events, including delivery delays or changes in demand.
Ecommerce companies must possess one of the following to apply for 8fig funding:
You should also provide secure access to two accounts:
Each 8fig Growth Plan costs between $6,000 and $10,000 for every $100,000 invested.
Industry: Ecommerce, SaaS, D2C brands, DNVB, marketplaces.
Amount of funding: €10,000 to €10M
Best for: SaaS and ecommerce businesses
In place of capital-intensive fundraising and difficulty in getting bank loans, Silvr offers a fast and flexible funding option.
Like other Clearco alternatives, Silvr allows founders to raise money without giving up company ownership.
In exchange for a percentage of your sales, it finances all of your acquisition campaigns between €10k to 10 M€.
Similar to other Clearco alternatives, there is no need for guarantees. The amount of finance and the grant are based on your company's visible success.
You could spend this money on stock purchases, advertising, paying suppliers, or hiring more employees.
Silvr offers to finance the following businesses:
On top of the funded amount, Silvr levies a set fee of 6 to 9%. There is no maturity or interest. Additionally, there are no additional expenses or application fees.
These are the 5 best Clearco alternatives you can try out, and find the one that fits your needs.
Still, remember that the terms of repayment, the overall cost of capital, and the needs of the lender are crucial considerations when deciding on a financing strategy for a business.
Myos is a trusted partner for more than 1,000 sellers, and it helped them grow 5 times over 24 months.
Here are the key benefits we offer:
Sign up with Myos and choose the right financing for your business today!
Clearbanc rebranded as Clearco because it wanted to offer more financial solutions.
A loan is the most popular form of financing for small and medium-sized businesses. However, consider that every lender provides a different set of benefits, whether it's individualized service or tailored repayment. So it makes sense to compare lenders to pick one that best suits your requirements.
Clearco alternatives include Myos, Liberis, Bloom, 8fig, Silver, and others.