Montreal-based cloud-based point-of-sale platform Lightspeed has partnered with small business online lender OnDeck Canada, for an initiative that will allow Lightspeed users to secure OnDeck loans.

The new offering will be available to Lightspeed customers both in Canada as well as in the United States, providing up to US $500,000 term loans and US $100,000 lines of credit.

Independent Canadian businesses, particularly those involved in retail, restaurant, and eCommerce, can now acquire OnDeck financing to support their investment in the Lightspeed point of sale solution.

OnDeck loans will also enable Lightspeed clients to take advantage of growth opportunities such as buying inventory, purchasing equipment, and boosting their customer experience. OnDeck has delivered more than US $6 billion dollars in capital to over 60,000 businesses across the United States, Canada, and Australia, and boasts advanced lending technology.

JP Chauvet, President of Lightspeed, said: "Lightspeed is laser focused on improving the competitiveness of independent businesses across North America, and for us this partnership makes perfect sense. In part, it gives us the opportunity to help our clients access our Omnichannel solution which can help improve their customer experience exponentially."

Gary Fearnall, Country Manager for OnDeck Canada, said: "We are very pleased to be partnering with Lightspeed, an innovative technology company that is enabling businesses to improve their customer experience on all channels. Since 2014, OnDeck Canada has been focused on providing the right operating capital solutions to allow for investments in critical initiatives such as technology and hiring, and this partnership will continue to strengthen our connection to the retail and hospitality industries."

Lightspeed offers users a powerful cloud-based point of sale system. It’s designed for retailers to sell anywhere - in-store, online or both, with the help of Lightspeed’s omnichannel platform. Lightspeed powers more than 40,000 retailers and manages $15 billion in transactions across 100 countries, said founder and CEO, Dax Dasilva.

The company was founded in 2005 by Mr. Dasilva, beginning with four employees working out of a Montreal apartment. It now boasts over 500 staff in eight offices around the world. Lightspeed has quickly expanded its offering with a POS for restaurants, an eCommerce platform and an omnichannel selling solution, helping businesses streamline their operations and improve customer service by bringing together inventory, customer management, sales and analytics into a single platform.

Canadian Retail News From Around The Web: May 15, 2017

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