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UK online marketplace, OnBuy.com, has successfully launched the first stage of its ambitious plans for 2023, delivering a series of updates that are set to transform the selling and shopping experience on the platform.
Recently named as Europe’s number one fastest-growing eCommerce company by the Financial Times, OnBuy has made significant changes to its platform and operations by becoming a Merchant of Record. This move reflects its mission of being the best choice for every customer, everywhere, bringing it closer than ever before to their shoppers and sellers.
In becoming a Merchant of Record, and with the support of its dynamic payment partner, Nuvei, the platform has launched Visa, Mastercard, PayPal, Klarna and Clearpay. The business has also successfully integrated with Google Pay and Apple Pay, and is in the final phase of rolling these out as we speak.
This has allowed the marketplace to offer its customers significantly more payment options than its rivals, while responding to a growing consumer demand for choice and convenience.
Onbuy.com has also introduced direct payments for sellers, meaning they can now withdraw directly into their WorldFirst, Payoneer, or UK bank account, on a day that suits them.
Helping to remove third-party costs, high international payment fees and complex policies, this move has also opened the marketplace’s doors to more international sellers. It has also made the onboarding process even easier, as sellers no longer need a PayPal Business Account to sign up to OnBuy.
In November 2022, OnBuy joined forced with Canadian fintech company, Nuvei, forming a pivotal partnership that enabled them to achieve in months what could have otherwise taken years.
‘Nuvei for Platforms’, Nuvei’s market-leading marketplace payments solution, is packaged with the complete functionality of its core modular platform, enabling small and medium-sized sellers to access to enterprise-grade payments solutions.
Cas Paton, OnBuy’s chief executive, said: “We have huge plans for 2023, and this is just the beginning. Our sights are set on one clear goal: to make OnBuy the go-to choice for every customer, every time.
“With our rapid growth at significant pace, we needed a partner that understood both our challenges today and could see our vision for tomorrow – and after meeting with most major players in payments, we knew that partner was Nuvei. With their connectivity and our passion to be the best for customers, our objectives and values are aligned. We have a huge array of synergy.
“Nuvei’s experience and support has enabled OnBuy to scale even faster. In the first month after launching, we’ve seen over 35% revenue growth – and we’re only just getting started!’”
Yuval Ziv, president of Nuvei, said: “OnBuy is an exciting marketplace, and being recognised as Europe’s fastest-growing eCommerce business is a major feat for any scale-up business – especially considering that they only trade in the UK currently.
“It shows the potential of this young business, and we’re delighted to be in partnership and to have been able to help accelerate OnBuy’s growth plans through our experience and our fantastic product set. We look forward to seeing our partnership develop and to take advantage of the exciting opportunities that are available to us in the near future.”
