Food delivery service DoorDash Inc. will offer you financing on its app to restaurants that need business loans with the new DoorDash Capital program, based on a Bloomberg report Wednesday (Feb. 9).
DoorDash Capital merchants can apply for financing to cover business operations, including buying equipment, paying rent, hiring employees and meeting payroll, the report says.
\”As we continue to pay attention to our partners and adapt our services and offerings to meet their demands, one key area where they've asked for support is fast and simple access to capital,\” DoorDash Chief Revenue Officer Tom Pickett wrote inside a article.
DoorDash Capital will craft its loan repayment structure to some restaurant's revenue, the report says. Eligible business people can see their cash advance offers in the DoorDash app and accept terms without signing additional paperwork or affecting their credit scores, obtaining the money often in a single or two business days.
DoorDash's financing platform adds a new revenue stream for the San Francisco-based company, following its launch in October of sponsored listings on its app inside a proceed to increase its advertising business. DoorDash controlled about 60% of the U.S. meal delivery market by December, the report said.
DoorDash Capital joins similar products by restaurant software company Toast Inc. and payment processing firms PayPal Holdings Inc., Stripe Inc. and Block Inc.
In January, DoorDash partnered with Girl Scouts of the usa to market Girl Scout Cookies through its digital marketplace to permit people to order cookies online for delivery or pickup at in-person cookie booths.
Girl Scouts sell about 200 million boxes of cookies each year, according to a document on their website. At the 2022 cost of $5-$6 per box, this is a the least $1 billion. If DoorDash took a commission at the lowest end of its typical 15-30% range, the deal will bring in $150 million.
