Workinvoice to launch the invoice advance integrated in the management software

The Italian fintech Workinvoice, together with the software house Passepartout, launches the invoice advance integrated in the management software. The service is aimed at corporations with a turnover of more than  $1.18 million (€1 million) which want to obtain immediate liquidity without constraints and only for certain credits, in a flexible and fast way.

By choosing from your management software which invoices to sell you can get 90% of the credit amount in just 48 hours from the operation, without opening a current account, without guarantees, and through a simple online expert. The credit transfer made with the Workinvoice platform is always without recourse and streamlines the administrative work of the company because it allows you to not have to monitor customer payments.

In fact, invoice trading allows companies to assign outstanding trade receivables to qualified institutional investors. The mechanism is simple and transparent: companies upload their invoices to be collected in a marketplace, where investors assess which receivables to collect. 

To assign a receivable, a variable commission is required based on the maturity of the commercial security. On the other hand, the buyer of the security is attributed a discount rate, a market remuneration as a percentage of the credit, defined at auction starting from the maximum rate indicated by the client.

In 2019, the amount intermediated by invoice financing platforms reached $1.32 billion (€1.12 billion).

Passepartout is a dynamic and modern software house that has been developing management software for over 30 years and now boasts over 80,000 users. The solutions it offers are characterized by a high degree of customization.

Find more details about the service of invoice trading launched by Workinvoice and Passepartout and read the latest financial headlines with the Born2Invest mobile app.

Workinvoice – the first operational platform in invoice financing in Italy

Founded at the end of 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 the 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 companies to access the collection and payment data of 1.7 million companies.

Last September, Workinvoice and Crif, with the support of PwC, as strategic and technical advisor, launched the first digital market to exchange tax credits of the super ecobonus, called Ecobonus 110%. 

This month, Workinvoice and SME service provider DocuMI launched the digital invoice advance service AnticipaMI

The service was born from the integration between fintech and YouDOX, the electronic invoicing and storage platform in accordance with DocuMI chosen by over 275,000 Italian companies.

AnticipaMI provides companies with an integrated electronic invoicing, management and credit advance solution in a single dashboard. Companies will thus be able to take advantage of an extremely streamlined and simple commercial credit transfer process: once the invoice to be transferred has been selected, and the debtors and credits analyzed to define the collectability and certainty of the credit, it will be transferred to institutional investors and the company will obtain 90% of the face value of the credit in 48 hours.

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(Featured image by JerzyGorecki via Pixabay)

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