Italian invoice financing platform partners with SACE

Alternative loans

The online invoice financing sector is heating up in Italy.

SACE – an established provider of a wide range of financial and insurance products – has entered into a partnership with work invoice. Specifically, SACE’s services include export credit, credit insurance, foreign investment protection services, financial guarantees, sureties and factoring. The rapprochement seems to have taken the form of a broad collaboration. We suspect cross-selling and referral schemes will materialize between the two entities in the not-too-distant future. SACE has worked with over 25,000 corporate clients from over 189 different countries over the past 30 years and has closed €70 billion of insured projects.

SACE is owned by Cassa Depositi e Prestiti, itself 80.1% owned by the Italian Ministry of Economy and Finance. Alessandra Ricci, Chief Business Officer of SACE, explained the nature of the partnership:

“With this agreement, SACE confirms its commitment to favoring the opening of the Italian market to “alternative” sources of financing which are gradually gaining ground abroad. The partnership with Workinvoice is the first in a series of 2.0 initiatives to offer SMEs innovative solutions to secure their liquidity.”

Workinvoice was launched in January 2015. From the start, the platform outsourced certain essential functions. Credit assessment rights have been assigned to modeFinance. Settlement services are to be offered by a primary international bank – whose name has not been disclosed.

It was only yesterday that we covered MarketInvoice’s newly forged relationship with KPMG – which is the latest in a series of similar strategic partnerships entered into by the UK market leader.

Workinvoice shares many of the same characteristics as MarketInvoice, including a non-retail investor base. Now it looks like the platform is also following the MarketInvoice plan to boost deal flow: partnering with an established SME service provider.

Matteo Tarroni, co-founder of Workinvoice, commented on the SACE partnership:

“At Workinvoice, we are excited about this agreement which demonstrates that innovation is possible even in the most ‘traditional’ sectors. Our objective, shared with SACE, is to provide SMEs with a simple and flexible instrument to reduce the credit gap that has complicated the management of working capital, by channeling the resources interested in investing in the real economy towards the system of production.”

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