A FinTech app owned by Spanish bank Santander has partnered with eBay to begin offering business loans to merchants on the platform.

London-based Asto will offer loans to more than 200,000 SMEs in the UK that use eBay from later this year.

The start-up’s app will provide eBay customers with quick finance to help the businesses to stay afloat and turn a profit.

It will use data that eBay has collected about existing businesses using the platform to identify suitable future customers.

Paolo Levoni, eBay chief operating officer, said the company was passionate about helping SMEs succeed.

“We help power over 200,000 British SMEs, helping them grow through access to 180 million consumers in 190 markets across the globe,” he said.

“Our partnership with Asto is designed to help our business sellers efficiently access cash loans to help them expand and manage cashflow – our latest step in helping small businesses in the UK to thrive.”

Sigga Sigurdardottir, CEO of Asto, commented on the partnership: “I am excited by the opportunity for Asto, as a FinTech start-up, to partner with eBay, a global ecommerce platform that shares our ambition to help small businesses grow and thrive.

“Asto is built on the belief that no good business should fail for want of time, insight, support or access to finance.

“Working with eBay, Asto will empower small business owners with secure access to funds in a matter of minutes from their phone, versus traditionally several weeks.”