Currencycloud and lendtech platform Finyoz have announced a partnership with a goal to deliver “21st century” supply chain financing for companies and investors.
The multi-currency specialist will enable Finyoz investors to collect funds in their preferred currencies and convert these funds into the preferred currencies of the borrower, all whilst holding the cash in a digital wallet.
Finyoz’s corporate treasury clients will also be able to tap into Currencycloud’s global ecosystem, improving payment cycles and international foreign currency transfers.
Thorsten de Jong, CEO of Finyoz Deutschland GmBH, said: “Currencycloud has been a dream partner on this deal. They combine state-of-the-art technology with robust security credentials. They’ve been professional and dedicated throughout.
“Most importantly, they realised there was no easy blueprint for this business model – we’re doing something genuinely innovative, and that requires building things from scratch”.
Finyoz matches companies that need short-term invoice financing options with private and corporate treasury investors. The lendtech firm has developed an automated online platform where companies upload invoices, display financing fees and allow seamless communication with a company’s debtor.
Investors have the opportunity to allocate funds between 14 to 90 days and receive interest payments over the period.
Piers Marais, Head of Product of Currencycloud, added: “Supply chain financing is an area that’s ripe for disruption, and Finyoz is one of the most exciting teams in the business. The team has an excellent vision and fully understands the needs of their two most important stakeholders – investors and businesses in need of finance.
“We’re so pleased to be on this growth journey with them and look forward to continuing to deliver new and innovative products and services to their clients”.
Marais recently spoke to Payment Expert on how Currencycloud’s long-standing relationship with Visa is currently influencing some of the more innovative approaches to multi-currency transactions.
