Amsterdam-based Sprinque, a flexible payments platform for local and cross-border B2B transactions, announced on Tuesday that it has expanded its operation to Germany and Spain with offices in Berlin and Madrid.
The Dutch company has appointed veterans of the FinTech and BNPL industry, Mikko Riikkinen and Jaime de Wenetz, as Country Managers.
The announcement comes three months after securing a €20M debt facility from Avellinia Capital, enabling them to finance approximately €200M in transactions annually.
The expansion strategy aims to strengthen an alternative financing model, which can reduce delays, increase companies’ liquidity, manage payments, and conduct international transactions while providing buyers with the best B2B payment experience.
Juan Espinosa, Co-founder and CEO of Sprinque, says “Sprinque’s mission is to enable merchants to use credit and payments as a strategic tool to build a thriving, cross-border business. The challenge ahead is enormous. B2B commerce, payments, and credit have seen little innovation over the last century.”
Sprinque: Flexible B2B payment platform
Sprinque was founded by Manoj Tutika (CTO), Mark Holleman (CPO), and Juan Espinosa (CEO) in February 2021.
The Dutch company offers a platform for sellers to integrate their solutions using APIs, as well as e-commerce plugins such as Magento, Prestashop, and WooCommerce. They can also use Sprinque’s services for transactions that originate through offline sales channels.
When a buyer selects the pay-by-invoice option, the company performs an instant fraud and credit risk assessment with an approval rate of over 95 per cent
Once approved, a revolving credit line is issued, which buyers can use for multiple purchases. Sprinque takes ownership of all default and fraud risks for approved buyers and provides sellers with the flexibility to choose when they receive their funds for transactions.
The company’s Pay-by-Invoice solution aims to help businesses mitigate economic pressures through dynamic settlements.
The debt facility offers more liquidity to current and future B2B merchants who sell on Pay-by-Invoice with net payment terms of 7, 15, 30, 45, 60, or 90 days, as well as alternative options for Pay-in-Instalments.
Currently, Sprinque has 30 employees in Amsterdam, Berlin and Madrid.
Christoph Pfundstein, Partner at Avellinia Capital, says, “The B2B commerce sector is becoming more digitised. Yet, it fails to offer business clients flexible and convenient payment options, which dampens the possibility of international transactions and growth. Avellinia Capital believes that Sprinque will become a leading B2B provider in the payment sector and is proud to accompany them on their journey.”
Read the orginal article: https://siliconcanals.com/news/startups/sprinque-expands-germany-spain/
