In today’s FinTech news, Factris is using its latest funding to bolster efforts to help smaller businesses with cash flow problems due to late bill payments. In addition, Apple is using its own money to finance your purchase now, pay later (BNPL) company Apple Pay Later.
Factris obtains €10M to finance invoices of European SMEs
Small Business Working Capital Startup Factris will use the €10 million ($10.6 million) he raised to grow his firm that offers capital to small and medium-sized enterprises (SMEs) in Europe.
The Amsterdam-based startup relies on factoring for small businesses to get money quickly on unpaid invoices, instead of having to wait 30 days or more. Factris, which expanded to Poland and Belgium in the first quarter of this year, works with SMEs in five European Union countries.
Apple ditches banking partners in BNPL scheme
Apple’s BNPL product, Apple Pay Later, handles the lending aspect itself and uses its own balance instead of partnering with a bank. By maintaining control of underwriting and loans through its subsidiary Apple Financial, you’ll earn interchange fees on every transaction and control the data.
Backbase raises $128 million from Motive Partners to increase bank stake
Engagement banking platform Backbase is using the $128 million it raised in growth capital funding to build its company’s position in the engagement banking space and “take it to the next level.” The company has a post-financing valuation of $2.66 billion.
Western Union partners with Mambu for European digital banking
Cloud banking platform Mambu and global money transfer giant Western Union are working together to offer digital banking products in Europe.
Powered by Mambu, Western Union’s WU+ digital banking application will be able to integrate various features to facilitate money movement, card management and transaction activity.
Klar raises $90 million to promote consumer digital finance in Mexico
Digital financial services startup Klar is using its new capital to grow its platform and create solutions that will be personalized for people in Mexico.
Klar offers financial solutions for consumers including credit, mobile payments, a rewards program, personal loans, salary advances and BNPL services. The startup said that 40% of its customers are first-time users of digital banking services and 50% of the population is unbanked.