Danish FinTech Moneyflow has raised €250m in a debt financing agreement with banking-as-a-service provider Aion Bank.
According to Silicon Canals, Moneyflow and Aion Bank also intend to extend their cooperation into additional markets. Aion and Vodeno – its technology partner – will provide a number of banking services to Moneyflow.
Moneyflow provdes SMEs invoice funding and revenue funding within their current workflow platform, allowing brands to expand the offering. The company claims it has developed the most advanced underwriting engine on the market with advanced risk and payment predictions.
The company said it will use the funds to accelerate the roll-out of its embedded finance services across platform partners in the Nordics and broader Europe.
Moneyflow CEO and founder Kim Ulf Rehfeld Thodén said, “We believe in a future where getting paid is easy. Upfront, early, or just as agreed, we put the control in the hands of the receiver, not the payer. The balance sheet support from Aion Bank is the largest single raise amount made available to a fintech of our nature in Scandinavia. We are now ready to step on the accelerator to take on the large and expanding market opportunity.”
Aion Bank CEO Wojciech Sass added, “We believe the best banking products and services should be accessible to everyone, and Moneyflow is doing exactly that for SMEs. The goal of our BaaS business is to enable brands, retailers and fintechs like Moneyflow to embed financial services that help drive new innovation. We are excited to help the Moneyflow team accelerate their growth that will result in more businesses getting paid faster.”
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