Glovo and PragmaGO have launched PragmaCash, an on-demand financing tool based on the Merchant Cash Advance (MCA) model, as detailed by PragmaGO in a statement released this Wednesday.
Thanks to this new service, establishments associated with Glovo can access amounts ranging from 750 to 150,000 euros, calculated based on their revenue history on the platform, and which are repaid through fixed weekly installments over periods of 4 or 12 months.
The Vice President of Strategic Partnerships at PragmaGO, Joanna Budzik Lister, has indicated that companies have the possibility of receiving financing within a maximum of 24 hours and without leaving Glovo's digital ecosystem.
She added that the ambition is for "business financing to be as simple as ordering a service from an app."
The Head of Fintech at Glovo, Quim Ros, has pointed out that the platform's objective is to be "the perfect digital ally for all establishments."