MUNICH, September 9, 2016 /PRNewswire/ --
- Liquidity for small businesses through selling their accounts receivables
- Wirecard Bank is the license partner of Fundflow
Today, Wirecard and the Fintech startup Fundflow launch an invoice discounting platform in Germany. Small and medium size businesses as well as Freelancers can sell their outstanding invoices on http://www.fundflow.de. Fundflow then enables the refinancing with institutional investors. Wirecard Bank provide their German banking license and handle the payment process.
"For a small company, long payment terms and high accounts receivables can bring them in difficulty. In addition, chasing payments is a pain for many entrepreneurs. Instead, payments should be prompt, at the click of a button. We feel honoured to collaborate on this mission with Wirecard Bank which has many years of experience and make life easier for small businesses," said Joachim Kaune, Managing Director at Fundflow.
Businesses can bridge liquidity gaps with Fundflow. Unpaid customer invoices with payment terms under sixty days can be sold on the platform. The seller gets the cash on the next day releasing otherwise locked up capital. Optionally, Fundflow also offers full service invoice management for the customer. The service costs a small discount on the payout without minimum turnover or long term contracts.
"Transaction costs are often too high for established businesses to offer invoice discounting for very small businesses. Only recently, some US players have proven that both transaction and risk cost can be reduced dramatically employing technology. This creates an interesting market and we are positive it may be equally deep in Europe," said Alexander von Knoop, Executive Board Member of Wirecard Bank. "We are delighted to help innovative business like Fundflow with our experience and our banking license in order to facilitate their go-to-market."
Wirecard AG is a global technology group that supports companies in accepting electronic payments from all sales channels. As a leading independent supplier, the Wirecard Group offers outsourcing and white label solutions for electronic payments. A global platform bundles international payment acceptances and methods with supplementary fraud prevention solutions. With regard to issuing own payment instruments in the form of cards or mobile payment solutions, the Wirecard Group provides companies with an end-to-end infrastructure, including the requisite licences for card and account products. Wirecard AG is listed on the Frankfurt Securities Exchange (TecDAX, ISIN DE0007472060, WDI). For further information about Wirecard, please visit http://www.wirecard.com or follow us on twitter @wirecard.
Fundflow GmbH is a technology venture developing innovative financial products for the European market. Founded by business owners, its mission is to fundamentally redesign products and services for entrepreneurs. Fundflow aims to offer usability, transparency and efficiency employing automation and modern risk management. Fundflow was founded in January 2016 by Antonio Faralli, Jan Ramsperger and Joachim Kaune. They are supported by Dr. Philip Mendrzyk as a Senior Advisor.
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SOURCE Wirecard AG