According to Adobe Digital Insights, digital commerce jumped 49% in April and e-commerce companies experienced Black-Friday-like sales boosts as the COVID-19 pandemic drove traditionally offline economic activity online.

To take advantage of this unprecedented rise in e-commerce, Vancouver’s Merchant Growth has launched an e-commerce financing platform to help support Canadian businesses.

The fintech startup expedited its product roadmap to launch the platform, giving Canadian businesses the financing they need to transition to online or double down on their e-commerce strategy.

“We were working on our e-commerce lending platform before COVID-19 hit Canada and decided to prioritize its launch in the face of this shift to e-commerce that the pandemic has driven,” said David Gens, Founder and CEO of Merchant Growth.

SEE ALSO: Canadian Businesses Need a Rent Subsidy by David Gens

“It’s more important than ever that Canada’s digital businesses have quick and easy access to funds, so they can focus on growing and adapting their businesses. The funding we’re able to provide is well suited for scaling activities such as digital marketing, customer acquisition or purchasing inventory at reduced rates.”

Merchant Growth’s e-commerce lending platform is now available to e-commerce, SaaS, and other Canadian digital businesses that have been in business for more than 6 months and have average monthly revenue of more than $10K per month.

Businesses that fit this criteria may be eligible for non-dilutive financing anywhere from $5,000 to $500,000 and can receive capital in just 24 hours.

Similar to popular e-commerce lending platform Clearbanc, Merchant Growth will be allowing businesses to re-pay their loans with a percentage of their revenue. But there are certain industries and businesses that prefer a more traditional, fixed payback schedule. Both options are available to e-commerce businesses that receive funding with Merchant Growth.

To apply for e-commerce financing online here.