Banco BNI Europa and Edebex announced on Tuesday they celebrated the first anniversary of their partnership that makes available an online platform for the purchase and sale of invoices to Portuguese companies with working capital needs, offering an innovative alternative to financial credit and traditional factoring.
As part of the celebration, Banco BNI Europa and Edebex revealed in order to continue assisting Portuguese companies in the management of their cash flow, they extended the partnership to Moloni, an online billing software, integrating both platforms (Edebex and Moloni) and giving Moloni users the opportunity to know at the same time they issue an invoice whether it is eligible for a discount on the Edebex platform and to immediately discount it, thus adding value to the service already provided. It was also reported:
“The invoices inserted in the platform Edebex are sold to investors freeing the seller companies from the risk of non-payment. The financing process is innovative as it does not entail guarantees, collateral, credit procedures or contracts that bind user companies over the duration. Seller companies receive money from the sale of the invoice(s) in their respective current accounts within 72 hours, reducing this period if the company is a Banco BNI Europa’s customer.”
Speaking about the partnership, Pedro Pinto Coelho, CEO of Banco BNI Europa, stated:
“Our strategy of investing in the Portuguese economy, namely in the SME segment still has as a pillar the partnership with Edebex, and now the partnership with Moloni. These partnerships are one of the innovative initiatives which we have been developing for the moment, all with a view to strengthening our presence in the Portuguese market. To access these platforms, it is not necessary to have an account with Banco BNI Europa, a situation that is also innovative in the Portuguese market. In fact, Banco BNI Europa is a bank with an open architecture and aims to establish partnerships of this type, both in Portugal and internationally. Banco BNI Europa is also an investor in Edebex, having invested in 2018 to date 70 million euros.”
Xavier Corman, co-founder and CEO of Edebex, added:
“The idea itself is simple. On the one hand, we allow SMEs with cash flow problems to sell their open invoices online by getting the funds they need quickly, without having to wait for them to be paid in. On the other hand, we offer investors the opportunity to buy these invoices, and thereby access a very low risk investment that offers a much higher return than any other alternative currently available in the market.”
The online buying and selling platform is now available in Belgium, France, Luxembourg, the Netherlands and Portugal.