Aprila partners with Axactor to offer digital factoring to medium sized businesses. The new offering will allow businesses with annual invoice volumes from NOK 20 million to NOK 5 billion to receive immediate and hassle-free payment for their invoices. The solution only requires a few days to set up for any business using any accounting system.
The offering combines Axactor’s technology platform, invoice distribution and collection services with Aprila’s platform for automated claim valuation and purchase to create a completely new offering:
- Full and immediate payment of invoices as soon as they are issued
- Significant reduction in load on customer services from invoice inquiries
- Automated booking of all transactions in the customer’s accounting system
This offering has three significant advantages over traditional factoring:
- Immediate conversion of accounts receivables to cash. This allows for increased and more cost-effective operational leverage
- Streamlined and reduced accounting effort, as opposed to traditional factoring that significantly increases accounting costs
- Fully accelerated and predictable cash flow, instead of traditional factoring that creates a less predictable and only partially accelerated cash flow
Axactor Group is an industry challenger providing innovative, cost efficient and IT powered next-generation debt management solutions. The company has risen from a start-up to Europe’s top 10 in four years. Axactor performs debt purchases, debt collection and accounts receivables management as its main business activities and is currently operating in six markets; Spain, Norway, Germany, Italy, Sweden and Finland. Axactor is built on a passion for efficiency. Through its 'One Axactor' platform, efficiency is enabled through leading people, systems and funding.
“We have multiple requests from businesses that want us to provide immediate invoice payments. We believe that this solution will solve an unmet need in the market today and are excited about partnering up with Aprila on this,” says Stina Koren, Country Manager for Axactor Norway.
The total factoring market in Norway amounts to NOK 260 billion in financed invoices annually, and Aprila and Axactor hope to capture a significant share of this market together over time.
“For Aprila this is an important step to be able to provide attractive and relevant financial solutions for medium sized businesses in Norway, and eventually in other countries. The solution builds on the technology behind Aprila’s spot factoring product, which has been a big success for small businesses in Norway,” says Halvor Lande, CEO of Aprila.
Contact person Aprila Bank ASA:
Halvor S Lande
+47 924 32 305
Contact person Axactor Norway AS:
+47 922 62 652