Ampla Technologies acquires B2B BNPL firm Upside Financing
Ampla Technologies has acquired supply chain cashflow solutions provider Upside Financing as it looks to build out a new extended payment terms solution, Ampla Pay Later. The terms of the deal were not disclosed.
Ampla acquires Upside
The new offering will be built around Upside’s existing product, which extends payment terms for firms looking to match their repayments to their cash conversion cycles and enables companies to “pay on their own terms”.
Ampla Technologies founder and CEO Anthony Santomo says: “The acquisition of Upside, and the formation of Ampla Pay Later, will provide brands with another lending option alongside our Growth Line of Credit that extends their runway and allows them to free up cash to grow.”
The company’s Growth Line of Credit solution recently surpassed $850 million in total funds deployed to customers this past September.
Ampla says the acquisition will help drive its revenues, opening up a B2B buy now, pay later (BNPL) market that is estimated at more than $1 trillion.
With the new product, Ampla customers will be able to upload invoices from manufacturers and Ampla Pay Later will pay on their behalf.
Firms will then make payments back on extended terms, typically ranging from 30 to 120 days, helping to “preserve capital and smooth volatile cash flows for brands and vendors alike”.
Upside CEO Nicholas Mares says: “Joining Ampla will help our [B2B BNPL] product reach even more customers as well as give existing customers access to a broader suite of financial tools to manage and grow their business.”
