Leading European Banking-as-a-service provider Raisin Bank and Wayflyer, and the leading revenue based financing platform, have entered into a partnership. Wayflyer offers E-Commerce businesses a digital and flexible option for revenue-based retail financing and has been active in the German market with this business model for a few weeks. The expansion is made possible by the partnership with Raisin Bank, which, as a fronting bank with a full banking licence, handles the lending to Wayflyer’s customers.
Wayflyer solves e-commerce financing needs
Many e-commerce businesses rely on flexible and unbureaucratic financing, especially in the start-up phase. Through Wayflyer, online merchants gain access to credit financing to pursue and achieve their growth goals. They benefit from fast payments, automated processes and repayment rates that are calculated according to their turnover. Based on various data points, Wayflyer’s risk assessment follows a transparent and reliable rating system, from which a financing volume is then derived. Financing from a volume of 10,000 euros up to 20 million euros can be applied for via the Wayflyer platform. In the German market, the company aims to fund E-Commerce businesses with at least 100 million euros in the coming years.
Strong partner: Raisin Bank is responsible for Loan Fronting
In order to be able to offer its product in Germany, Wayflyer is working together with Raisin Bank. The Frankfurt-based bank, which is part of the fintech Raisin, already supports more than 50 international fintechs and other financial companies in the implementation of business models requiring a licence in the areas of loans, factoring, accounts and payment transactions. The cooperation enables Wayflyer to provide its services in Germany and to conduct licensable lending business. Raisin Bank acts as a so-called fronting bank: it checks the loan applications, grants the loans and sells the loan receivables to the refinancing special purpose entity. Since all of Raisin Bank’s processes run on a modern, cloud-based core banking system, it can guarantee fast and efficient lending to Wayflyer’s customers.
German launch with growth potential in the EU
Wayflyer has grown strongly in recent months. In addition to its launch in Germany, the company has recently become active in Denmark, Sweden and Belgium. With its EU-wide passporting, Raisin Bank can accompany the expansion across Europe. The partnership with Raisin Bank thus opens up further international scaling opportunities for Wayflyer.
Dr. Andreas Wolf, Chief Commercial Officer, Raisin Bank
Dr. Andreas Wolf, Chief Commercial Officer of Raisin Bank, explains: “With flexible credit financing, Wayflyer’s offer meets exactly what many E-Commerce businesses need in the current situation. We are proud to be the fronting bank for Wayflyer’s innovative business model as it expands in Europe and provides fast lending to e-commerce businesses. The cooperation strengthens our role as a leading European banking partner in the field of credit fronting.”
Aidan Corbett, Co-Founder & CEO, Wayflyer
Aidan Corbett, Co-Founder and CEO, Wayflyer, adds: “As we expand into new markets and continue to be the partner of choice for ambitious eCommerce businesses, having the right support in place is crucial. Raisin Bank is the ideal partner for Wayflyer as we enter the German market. We have an aligned approach to innovation and a core focus on providing customers with the best possible products and services. We’re delighted to be working with them as we continue to scale.”
About Raisin Bank AG
Raisin Bank AG targets Europe’s fast-growing fintech community with a wide range of innovative, tailored and reliable services. Since its foundation in 1973, the Frankfurt-based bank has focused on serving business customers. Raisin Bank offers expert advice and efficient Banking-as-a-Service solutions, especially in the processing of loan portfolios and the receivables of selected borrowers. As a fronting and service bank with a full banking license, Raisin Bank supports the implementation of business models that require a banking license. Raisin Bank’s clients include fintechs like Raisin (WeltSparen), Creditshelf and Exporo, Moss and Scalapay, as well as family offices and funds in the areas of loans, factoring, deposits, accounts and payment transactions, among others. The bank has been operating under the Raisin Bank AG name since April 2019 and is a wholly owned subsidiary of Raisin GmbH.
Raisin Bank AG / Raisin GmbH
Mathias Paul & Paul Wolter
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