Workinvoice and Banca Sella to develop end-to-end digital financial services for SMES

Banca Sella and Workinvoice, the value-added services fintech for businesses pioneering the exchange of trade receivables, have signed a partnership with the aim of offering SMEs innovative financial services developed by the fintech and seamlessly integrated into the bank’s system. The collaboration between the companies will allow Banca Sella’s SME customers to take advantage of the best digital solutions to finance their working capital. One of the first services to be launched will be factoring as a service, which will allow companies to free up liquidity from the collection and payment cycle and no longer have to deal with the management of trade receivables thanks to the solutions developed by Workinvoice and the advice and experience of Banca Sella experts who will support them throughout the process.

In the coming months, the reverse factoring service will also be implemented, which is also entirely digital and which differs from traditional solutions in that it offers greater transparency and flexibility to all the players involved, i.e. both the lead company and the supplier companies that will be transferring the invoices. The product will allow access to the reverse factoring tool also for medium-sized parent companies (with an annual turnover between 50 and 300 million), which are usually excluded from traditional solutions.

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Banca Sella is active in open banking since 2017

This collaboration is made possible by the flexibility of Workinvoice’s technology, which has developed a system entirely based on APIs (i.e. application programming interfaces) that allows a constant dialogue with the API platform made available by Banca Sella, the first Italian bank active in open banking since 2017, in order to offer customers the possibility to take advantage of fast, fully digital services through a simple and intuitive experience.

“The partnership with fintech Workinvoice is an integral part of our innovation path and collaborations of this type will be the ones that make the difference in the future, in order to offer customers fast and effective solutions, based on listening to their needs and seizing the opportunities that technological innovation makes available today,” said Doris Messina, head of digital transformation and marketing at Banca Sella.

Matteo Tarroni, CEO and co-founder of Workinvoice, added: “The agreement with an important player in the Italian financial landscape such as Banca Sella represents a further step in our development process of embedded finance, i.e. the integration of fintech services into the offerings of traditional financial institutions, driven in Italy by PSD2 (the European directive on digital payments), mandatory electronic invoicing and open banking. We strongly believe in this integration, which has already been taking place in the world for some years and of which, thanks also to this operation, we are finally seeing the first examples in Italy. It’s no coincidence that our technology has been developed specifically to be hybridized in a transparent manner within any type of structure.”

In September 2018, Crif Group bought 10% of Workinvoice

Founded in late 2013 by Matteo Tarroni, Ettore Decio, and Fabio Bolognini and active since 2015, Workinvoice was the first platform to become operational in the invoice financing sector in Italy. In March 2019, the company reached the break-even point.

In September 2018, Crif Group bought 10% of Workinvoice and at the same time launched CribisCash, the first example of the evolution of fintech towards partnerships with industrial players that have the necessary resources to make the most of the ideas, services, and even business models invented by startups, allowing businesses to access the collections and payments data of 1.7 million companies.

In September 2020, Workinvoice and Crif, with the support of PwC as strategic and technical advisor, launched the first digital marketplace to exchange super ecobonus tax credits, christened Ecobonus 110%. In October 2020, Workinvoice and SME service provider DocuMI launched the digital invoice advance service AnticipaMI. In the same month, the fintech launched the invoice advance integrated in the management software, in collaboration with the software house Passepartout. Finally, at the beginning of April Workinvoice signed an agreement with the British scaleup Ebury, thanks to which Italian SMEs will be able to protect themselves from exchange rate risk on their import/export activities and finance invoices in foreign currency through simple online digital procedures.

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(Featured image by dawnfu via Pixabay)

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