BNP Paribas Bank and BNP Paribas Faktoring in Poland have established cooperation with Monevia – a leading Polish fintech that specializes in online microfactoring. Monevia has been operating in online factoring since 2016. It is therefore the oldest continuously operating fintech dealing with so-called microfactoring in Poland.
This is good news for SMEs of the BNP Paribas Group, who will now be able to use complete factoring solutions on preferential terms. Those who have business accounts at BNP Paribas Bank will get some benefits such as a free factoring limit of up to PLN 100,000 (approx. EUR 30,000) for the start, no preparation fee or no penalties for late payment by the contractor – up to 30 days after the deadline.
Microfactoring – a quick way to get cash
Microfactoring is a service that allows customers to obtain financing based on invoices with deferred payment dates. Instead of waiting for payment from contractors, SMEs can sell their receivables to a factoring company and receive cash immediately. That is why, BNP Paribas Bank and BNP Paribas Faktoring have established cooperation with Monevia. This company is the longest-operating microfactoring fintech in Poland, which specializes in financing receivables of MSMEs online. Thanks to this cooperation, business owners can now finance single invoices in PLN or EUR without long-term obligations with a factor. The online system provides easy and quick access to cash, which is paid within a maximum of 24 hours from the confirmation of the invoice by the contractor.
“Growing businesses need simple and reliable tools, services, and processes. They want to provide themselves not only with capital for development but also with access to the latest technologies and experts. To meet their expectations, we were looking for new solutions that would improve their financial liquidity. We wanted it to be a service complementary to our existing solutions – a loan from BNP Paribas Bank and factoring from BNP Paribas Faktoring. That is why we decided to cooperate with Monevia and provide fully online invoice financing services,” – says Aneta Samul, Product Owner of Value Added Services at BNP Paribas Bank.
Monevia offers financing of 100% of the value of a single invoice. Microfactoring can cover invoices with payment terms ranging from 7 to 90 days from the transaction date. Monevia does not require financial documents, statements, certificates, and a minimum turnover.
“Invoice financing is a service that helps both large companies and entrepreneurs focus on what is most important in their business – e.g. creating products or increasing sales. Thanks to cooperation with Monevia, which offers quick factoring solutions, every customer of the BNP Paribas Group from these segments now has a chance to take advantage of this offer. Monevia uses modern technologies to ensure an automatic application approval process and support in maintaining the customer’s financial liquidity. We are happy with this cooperation, and together with BNP Paribas Bank, we will provide our customers with another valuable service,” – says Katarzyna Lewandowska, Project Leader at BNP Paribas Faktoring.
As part of this partnership, customers will receive a recommendation and a guarantee of the security and stability of the service.
“Our microfactoring service has gained great popularity among business customers of the BNP Paribas Group already in the first weeks after the launch of this project. We are proud of this cooperation and the ability to provide our digital solutions that improve the financial liquidity of businesses,” – says Tomasz Gąsiorowski, Commercial Director at Monevia.
Source: The press release by BNP Paribas Bank Polska dated January 16, 2024
