The two companies are collaborating to improve SME financing in the transport and logistics industry
The product is already available in Latvian and Lithuanian markets, with Poland set to receive it by April 2022
Fintech company Factris has partnered with Eurowag, a leading pan-European integrated payments & mobility platform focused on the Commercial Road Transportation industry, to offer “Eurowag Cash,” a new pilot product aimed at helping transport and logistics companies finance invoices and secure quick cash flow. The product was successfully launched in Q4 of 2021 in the Latvian and Lithuanian markets and will expand into Poland by April 2022.
The product will allow SMEs in the Commercial Road Transportation (CRT) Industry to receive working capital within 24 hours by financing unpaid invoices via factoring. Eurowag provides customers with the opportunity to submit factoring applications on their Client Portal, while Factris provides the factoring capabilities and customer onboarding via their Financing Automation for Business platform. (FAB).
This new product will prove to be an essential financial tool to help SMEs in the CRT industry, many of whom are thinly capitalized and struggle to receive the finances needed to cover unexpected repair costs, insurance, tolls, and taxes, among other expenses. The product aims to help solve this problem by simplifying and accelerating access to working capital for CRT businesses.
CRT activity in Latvia and Lithuania has only increased since the pandemic began. Latvia experienced an increase of 10.9% YoY in the amount of goods transported in 2020, while Lithuania increased 12.4% during the same period. During that year, CRT enterprises in the two countries moved over 7.7 billion km of freight.
Factris CEO Brian Reaves commented, “This collaboration between Eurowag and Factris is a great example of how two leading businesses can successfully work together to help SMEs receive financing and secure cash flow. As we plan to service SMEs in other countries across the EU, we see this as only the beginning. Soon, many more CRT enterprises will have access to the capital they need to keep their business on the road.”
Eurowag was founded in 1995 and is a leading pan-European integrated payments & mobility platform focused on the commercial road transportation industry. It makes life simpler for commercial drivers and operators across Europe through its unique combination of payments solutions, seamless technology, a data-driven digital eco-system, and high-quality customer service.