Nordic embedded finance startup Moneyflow has forged a debt financing agreement with banking-as-a-service (BaaS) provider Aion Bank to accelerate the roll-out of its embedded finance services.
Moneyflow intends to provide up to €250million of receivables-backed financing to boost its embedded finance services across platform partners in the Nordics, as well as broader Europe.
Founded in 2018 by Danish entrepreneur Kim Ulf Rehfeld Thodén, Moneyflow enables companies, primarily SMEs, to sell their invoices and revenue streams directly into their ERP platforms such as Visma e-conomic, Dinero and Ordrestyring.
The CEO and founder says: ““We believe in a future where getting paid is easy. Upfront, early, or just as agreed, we put the control in the hands of the receiver, not the payer. The balance sheet support from Aion Bank is the largest single raise amount made available to a fintech of our nature in Scandinavia. We are now ready to step on the accelerator to take on the large and expanding market opportunity.”
Danish-based Moneyflow and Aion Bank, a licensed bank and credit institution regulated in Belgium, also plan to extend their cooperation into additional markets.
Aion and its technology partner Vodeno – a cloud-native BaaS provider – will provide a number of banking services to Moneyflow, including access to local IBANs and local payment schemes where the Bank is currently established in Europe.
According to Wojciech Sass, CEO of Aion Bank, the goal of its BaaS business is to enable brands, retailers and fintechs like Moneyflow to embed financial services that help drive new innovation.
“We are excited to help the Moneyflow team accelerate their growth that will result in more businesses getting paid faster,” Sass says.
Image and article originally from thefintechtimes.com. Read the original article here.