Boosting the way merchants engage with the BNPL payment journey, Yapily has confirmed a new collaboration with start-up Two.
The support for SMEs comes at a time when they are crucial to the growth of the European economy – accounting for almost two thirds of European jobs and contributing approximately €3.5 trillion to the European economy in 2020.
Deane Barton, Head of Product at Two, said: “Many SMEs across Europe are in recovery mode after spending nearly two years dealing with an unpredictable economic climate. With Yapily and open banking, we are able to provide a safer, cheaper, and easier financial bridge for businesses that are ready to move forward.
“The intersection between BNPL and open banking is an exciting place to be. Together, we are shaping the future of financial services as we know it.”
A key part of the focus for the collaboration is mitigating the challenge for SMEs that aim to offer alternative ways to access credit via BNPL and open banking.
Stefano Vaccino, Founder and CEO at Yapily, added on the collaboration: “It’s great to see yet another innovative fintech company like Two challenging the status quo to deliver greater flexibility for businesses across Europe.
“This is a brilliant example of how open banking can help cash-strapped businesses at a time when they need it most. I’m very excited for our journey together and look forward to seeing what’s next.”
The partnership will see open banking – which is being increasingly embraced by consumers including Two customers across the UK – expanded significantly.
This is to be followed by an increasing number of European markets to follow as the fintech sector and its importance continues to grow rapidly.
The development comes after the news that Yapily has agreed to acquire German open banking solution provider FinAPI to create the leading open banking platform in Europe.