Swedish fintech and buy now, pay later company Klarna has set aside £3m to help small businesses recover from a turbulent last 15 months.
SME beauty businesses are expected to benefit, while other retail companies can also apply for the grant.
The Snoop Dogg-backed company, has earmarked the £3m cash injection to help 100 businesses and will be split across four categories: Retail innovator, Omnichannel trailblazer, Sustainability Champion and Pandemic Impact.
The announcement comes following new research, which found almost half of SME owners are prioritising merely surviving the next six months, while 38% are worried that their business will not survive the impact of Covid-19.
On top of the cash lump sum, Klarna, Europe’s highest-valued fintech, will be giving beneficiaries a WeWork All Access subscription for three months, as well as use of Klarna’s ‘pay later’ products for one year and £15,000 worth of media services.
Recipients will be chosen by a panel of judges: Matt Vickers, MP for Stockholm South and co-Chair of the All-Party Parliamentary Group on Future of Retail; Alex Marsh, Head of Klarna UK; and Mathieu Proust, General Manager UK & Ireland at WeWork.
Speaking to Cosmetics Business Marsh said: “I’m delighted to launch our new initiative and support the beauty Industry.
“We have some fantastic partners in this sector and can't wait to find new and emerging talent and support these businesses with their growth after what has been an incredibly challenging year.”
