Q&A: Liberis’ Per Dahlqvist on capital, ecosystems, and embedded finance

Spread the love

On the sidelines of Shoptalk 2025, Liberis’ Per Dahlqvist makes the case for embedded lending as the quiet infrastructure driving seller growth, platform loyalty, and capital access—right when merchants need it most.

AI may have grabbed the spotlight at Shoptalk 2025, but beneath the surface, a quieter transformation is powering the platforms that drive modern commerce.

For Per Dahlqvist, Business Development Director at Liberis, embedded finance isn’t designed to dazzle. It’s designed to work. And that work—helping merchants access capital when and where they need it—is increasingly what drives seller growth, platform retention, and ecosystem stickiness.

“We’re not trying to be flashy,” Dahlqvist tells me, moments after stepping onto the show floor. “We’re trying to be useful.”

Table of Contents

A Different Kind of Embedded

Liberis doesn’t act like a traditional lender. Instead of issuing loans directly, it partners with major platforms—like eBay, Klarna, and Shop Circle—to embed white-labeled financing into their seller ecosystems. For the end user, it doesn’t feel like applying for a loan. It feels like just another feature inside the platform.

The difference is significant. Most small sellers face the same two barriers to growth: not enough inventory, and not enough advertising budget. These aren’t complex problems—but the traditional banking system often makes them harder to solve.

“One is they don’t have enough money to buy inventory, and two, they don’t have enough money to buy ads,” Dahlqvist explains. “A lot of people have amazing products, great ideas. They just can’t get them out there… That’s what we’re bridging.”

Instead of asking merchants to pull together business plans or wait for credit assessments, Liberis uses transaction data—live from the platform itself—to offer pre-approved funding. It’s faster, more relevant, and significantly easier for small businesses to act on.

For Platforms, It’s a Loyalty Engine

While the benefit to merchants is clear, the value for platforms is just as powerful. Embedded lending isn’t just a nice-to-have service—it’s a strategic lever. When platforms offer capital to their sellers, they see meaningful increases in transaction volume. More importantly, they build long-term loyalty.

“It creates loyalty, and it creates stickiness,” says Dahlqvist. “The more products you add to your seller base, beyond payments, it just creates super, super, super sticky ecosystem for them.”

Because the experience is white-labeled, platforms maintain the brand relationship. Programs like “eBay Seller Capital” feel native to sellers, reinforcing the platform’s role as a growth partner—not just a sales channel. The feedback loop is clear: more growth tools mean more engaged sellers. More engaged sellers transact more. That means a stronger ecosystem for everyone involved.

The AI Everyone’s Missing

Shoptalk’s show floor is full of AI-powered demos promising to reimagine customer experience. But Liberis is applying the technology differently—using machine learning behind the scenes to reduce costs and improve efficiency.

“We’ve been using AI for a long time when it comes to credit scoring and underwriting,” says Dahlqvist. “Now our big focus is cutting costs… which means lower fees and better lending for merchants and sellers.”

It’s not about building new features—it’s about improving the economics. If AI helps Liberis streamline operations, those savings are passed along to merchants in the form of lower fees or more accessible funding. It’s an example of applied AI that benefits the ecosystem without adding complexity.

From Nice-to-Have to Non-Negotiable

Liberis has spent the past seven years expanding in the US, having first entered the market through a partnership with Worldpay. Today, it supports nearly a million merchants across Europe and North America through a growing list of platforms.

“In Europe and the UK, we’ve been for the past 10 years, working with more or less all the large acquirers,” Dahlqvist says. “In the US, we run the eBay Seller Capital program, we run Sezzle, Klarna… you name it.”

And yet, for all its reach, Liberis is still a quiet presence at events like Shoptalk—largely by design. Its infrastructure-first model prioritises integration over attention. The goal is not visibility—it’s usability.

“The more value you embed beyond payments, the harder it is for sellers to leave,” Dahlqvist adds. “Lending just happens to be the one that drives growth fastest.”